Trust Beneficiaries

Question: Can a Company or Trust be appointed as a Primary, Secondary or General Beneficiary of the Trust?

 

Answer: 

Primary and Secondary Beneficiaries which are defined as a Designated Beneficiary under the NowInfinity Discretionary Trust Deed must only be an individual person. Therefore a Company or Trust cannot be named as a Primary or Secondary Beneficiary. Please refer to the extract from the Deed below:

However, a Company or Trust will automatically be included as a General Beneficiary as defined under the Beneficiary clause under the NowInfinity Discretionary Trust Deed if certain conditions are met.

 

Corporate Beneficiary 

A Company is a General Beneficiary by default if::

  • A Beneficial Shareholder of the Company is listed as a Designated Beneficiary - the Company will be deemed a General Beneficiary of the Trust; or
  • A Beneficial Shareholder of the Company qualifies as a General Beneficiary - the Company will be deemed a General Beneficiary of the Trust.

Please refer to the extract from the Deed below:

 

Trust Beneficiary

A trust is the General Beneficiary by default if:

  • Any Designated Beneficiary or General Beneficiary are a Beneficiary of the Trust - the Trust Beneficiary will be deemed a General Beneficiary of the Trust; or
  • The Trust holds shares in a Company that is deemed to be a General Beneficiary - the Trust Beneficiary will be deemed a General Beneficiary of the trust. 
Please refer to the extracts from the Deed below:
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