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Q: Does the FPA want their spouse to be a beneficiary? He has an ex-spouse who he doesn't want to be a beneficiary, what about future spouses?
A: Select 'yes' and this will assume the future spouse as a primary beneficiary, it's easier to select now for a prospective spouse than to make changes later.
Q: In the event of death of the main appointor, his 2 children will become the FPA's. Is there a capacity to have joint succeeding FPA's?
A: They can nominate to have joint FPA.
Q: I note there are no named beneficiaries. Is this correct? And it is because the limitation is to the family lineage?
A: Yes, that is correct. Beneficiaries are limited to family lineage.
Q: In the case of the FPA being two individuals jointly, with a single Second FPA. What happens in the event of the death of one of the joint Primary FPA? Does the remaining Primary FPA continue to act as a sole FPA until they die? Then the second FPA is installed? Or does the second FPA become a joint FPA with the surviving FPA?
A:They can make it that the second FPA acts jointly with the surviving FPA or only when both primary FPA's pass.
Q: Are parents of the FPA considered default beneficiaries? What is the process for adding beneficiaries as per clause 3.2 of the FPT deed? Is there a document provided by LYD to effect this?
A: Yes, they can be as they are family lineage. To make it formal, they can be added via resolution upon signing with the trustee & FPA.
Please be advised this is general information only, and is not to be taken as legal advice. If you would like more information, or have a legal query, please contact Abbott & Mourly directly.
Reviewed: 17/01/2024