The BIG problem with “Trusts”?
>>> When problems arise, it’s too late
Dear business owner
I heard a woman crying in our reception… so I ran to see what was happening.
“I don’t know what to do anymore” she said…
…with big tears in her eyes. Her make-up was leaking and she looked totally out of her mind.
I invited the lady in one of our conference rooms, gave her a glass of water. Gave some tissues, once she was quieter.
I asked: “What’s the problem you’re facing?”
“My father died last week. In his paperwork, I discovered there was a Trust deed with a lot of money… but I don’t know how to proceed.”
So my mission was clear:
- check the jurisdiction of the Trust,
- identify the Trustee of the Trust (= the company director),
- look at the registered address of the Trustee,
- and finally contact the bank.
Well, I discovered that the Trustee didn’t exist anymore and the director was also missing.
Furthermore, the bank account has been emptied and closed by the director.
I was so sorry for her…
“Unfortunately, all the money from your father has been taken away by the director of the Trustee and the person disappeared.”
“There is no way to get it back.”
The woman was in shock but I could NOT help anymore.
That’s the BIG problem with this kind of setup.
You have to know that Trusts are not registered anywhere. There is no “registry of commerce” or any other state registry which can confirm that the Trust exists.
This problem would never happen with a Company or a Foundation.
Think twice when you consider creating a “special” structure. A Trust is just a CONTRACT. If it’s not well prepared, you can lose everything.
Do not waste your time… money… energy.
Work with experts.
Give me a call or book an online meeting.
– Corporate Structure Architect –
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