Australia's Richest Woman Loses Control of Family Trust, Elder Law Attorney, Woodstock, GA - Nelson Elder Care Law & Estate Planning in Georgia
Required

Australia’s Richest Woman Loses Control of Family Trust, Elder Law Attorney, Woodstock, GA


Gina Rinehart is the wealthiest person in Australia. However, it appears that greed might have cost her control of a family trust worth billions.

Gina Rinehart controls one of the largest iron ore mining companies in the world. She was also in control of a family trust created by her grandfather worth approximately $3.1 billion U.S. dollars.

The mother of four children was sued over the trust by two of those children in 2011.

The controversy started when Rinehart changed a vesting option on the trust from 2011 to 2068.

Now, a judge in New South Wales has ruled that Rinehart cannot be trusted to operate the trust reasonably and has appointed a daughter, Bianca Rinehart, to oversee the trust.

The BBC reported on the story in a recent article titled “Australia’s Gina Rinehart loses control of family trust to daughter.”

What this case shows is that it does not matter how wealthy you are. If you have control of a trust in which other people have an interest, you cannot operate the trust solely out of your own self-interest.

Trusts must be operated in the interests of all beneficiaries.

If you serve as a trustee, it would be a good idea to seek the advice of an estate planning attorney to make certain that you are managing the trust appropriately.

As Gina Rinehart learned, being wealthy does not give you license to mismanage a trust.

Reference: BBC (May 28, 2015) “Australia’s Gina Rinehart loses control of family trust to daughter.”

Hear From Our Clients
tes-prev
tes-next

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben