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I want to deliver services under a discretionary trust. I…

Customer Question
I want to deliver...

I want to deliver services under a discretionary trust. I will personally be the trustee and a beneficiary. Can the trust hold professional indemnity insurance and public liability insurance? If the trust is sued, would I be personally liable? Also, if I was the trustee of a separate trust that holds assets, could the trust holding the assets be forced to sell the assets for the costs related to the discretionary trust being sued?

Lawyer's Assistant: Because laws vary from place to place, can you tell me what state this is in?

QLS QLD

Lawyer's Assistant: What documents or supporting evidence do you have?

Nil

Submitted: 5 months ago.Category: Australia Law
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Answered in 1 minute by:
11/20/2017
Solicitor: John Melis, Lawyer replied 5 months ago
John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 2,443
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Solicitor: John Melis, Lawyer replied 5 months ago

It is the trustee that holds the insurance and not the actually trust itself.

In this circumstance it is important the appropriate trustee is appointed.

Also it is important that the trust deed is drafted correctly to accommodate the venture. The off the shelf trust deeds are not tailored and do carry risk.

Have you set up the trust yet ?

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