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By having 2 directors of the trustee company you are really doubling the risk and needlessly giving a a guarantee by each of you. There may be other reasons to have 2 directors - such as control, but this may not be an issue for spouses. Rolf, I beleive the Corporations Act has now been...

If that did happen assets of the trust couldn't be used to satify the bankrupt's creditors. If would also be possible to just substitute guarantor.

How so??????

A personal guarantee is when X guarantees a loan in the name of Y. If Y doesn't pay X has to. If Y is sued then X will be affected because Y won't be able to pay the loan. But if X is sued then Y is safe - although if X goings down then the terms of the loan may be breached as there would be no...

Sounds like it is a complicated set up. Does your trust deed allow the trust to lend money to the beneficiaries?

You've confused the terminology a bit there. It is the trustee that owns the property - is this a person or company?