I wonder if anyone has a view on the following
I have seen a new client who is UK resident but whose family (siblings, nephews and nieces etc all live in Australia (in NSW)
She has substantial UK wealth including a large AIM portfolio. She has been very successful and has enjoyed being able to help nephews and nieces with educational costs and house deposits, and has become the matriarch of the wider family
After her death she would like to leave a substantial part of her wealth (anywhere between £1 and £2 million and realistically probably a part of her AIM portfolio to a trust and she would like a couple of her nieces and nephews to manage this trust to carry the tradition of helping on for a couple more generations.
As her ideal trustees and all of her potential beneficiaries are Australian it seems to me that it might be logical for her to set up a trust in NSW with a token sum and then leave the bequest to the Trustees in her Will. Is it possible for a UK resident to set up an Australian Trust? I do appreciate that I will need an Australian Trust specialist but just wondered if anyone has come across anything like this before
Gail Donaldson
Neves Solicitors LLP