Foreign Deceased Estate - What is corpus of the trust

 Author: starfish_987(Initiate)Initiate

16 Oct 2024

Hi,

Scenario is for a deceased estate where the executor is foreign (and therefore the estate is deemed a foreign trust).

There is mention in the guidance of trust corpus and I am wanting to understand what this means in the context of a deceased estate.

Is corpus of the trust the value of the deceased's assets as at the date of death? I.e if there is a property, and it was valued at, say $500k on the date of death, but subsequently is sold for $600k, is the corpus the $500k?

Same for bank accounts - if the value of the cash in bank as at date of death was $10k, and was subsequently interest accrued to make the total $12k, is the corpus amount $10k and non-corpus accumulated amount of $2k?

https://www.ato.gov.au/businesses-and-organisations/trusts/in-detail/distributions/receiving-payments-or-assets-from-foreign-trusts

Reply0 likes

356 views

1 replies

• Report as inappropriate

356 views

1 replies