Hi,
1) Trust is an instrument to protect wealth. Lately was popular with property investors.
2) According to Bankruptcy act section 78(2)(a); property held by the bankrupt on trust for any other person; If the property is held on trust for "any other person" will not be crawl back and divisible among his creditors.
meaning the beneficiary must be another person rather than the person who went into bankruptcy.
3) So it will not be protected from creditor claims if the settlor (trustee) is also the beneficiary.
4) Current trust is commonly used as a forced saving for the next generation and beyond so that the wealth can be passed down without worry of creditors' claim.
Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at
90110636
, or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.
Best regards
Ling CK
90110636
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer
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