The largely hidden but ever-increasing levels of inter-generational wealth is seeing family trusts being re-written to protect capital from perceived predations by those marrying-in and later making relationship property claims.
Old-style family trust deeds commonly included spouses of family members as beneficiaries. Not so common now. Tales of bitter divorces and payouts demanded by departing spouses has seen a hardening of attitudes and a tightening of eligibility to share in family trust assets.
High Court approval is generally required for major re-writes of family trust deeds. The court has a Trusts Act supervisory role, designed to protect under-age beneficiaries and beneficiaries yet-to-be born from adverse changes to existing rules.
The Girardet family, owners of the Candida stationery business, obtained High Court approval for wholesale changes to their family trust.
As a private trust, the market value is not public.
The Trust was established in 1988. Patriarch Klaus Girardet died in 2022. His widow obtained court approval re-writing Trust rules.
In particular; the life of the Trust was extended to 125 years, her three children and their children were specified as beneficiaries (removing any reference to spouses), and wording of the Trust was simplified into modern usage.
The changes were explained as necessary for future estate planning and improved creditor and relationship property protections for future generations.
re Dagmar Girardet Family Trust – High Court (7.08.24)
24.185