Family Plenipotentiary Trust and individual bankruptcy Asset Protection
If a person goes bankrupt, that person is a beneficiary and trustee of a full family trust, and court will consider that person as the actual controller and owner of the trust assets, which may be required by court to pay off the debt with the trust assets.
To avoid this, we usually recommend that an independent company be used as the appointor and trustee of a trust, rather than the potential bankrupt beneficiary as the appointor and trustee of the trust.
This principle is of great importance to the protection of individual bankrupt assets. At the end of the day, you are welcome to call the all Australia Emergency law Hotline 0420 735899. Please follow Wang Gang's lawer social app official account 'Australia and France Pioneer', welcome to add Wang Gang lawer personal social app number: heraldlegal3 or scan the profile picture QR code, read Australian law common sense, update timely law comments.