All Topics / Help Needed! / Transferring properties into Trust

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  • Profile photo of Jett29Jett29
    Member
    @jett29
    Join Date: 2004
    Post Count: 5

    Just a quickie – I am close to signing on a deal but have not yet established a Trust (naughty me). Is there a particular way of signing the contract so that the property can easily be transferred to a trust once one is establihed – perhaps XXXXXXX and/or nominee?

    Any suggestions?

    Profile photo of brahmsbrahms
    Participant
    @brahms
    Join Date: 2004
    Post Count: 485

    pay stamps twice??

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    It dpends on the state. In some states you can sign and/or nominee and then form a trust before settlement on you ok, in other states (QLD?) you have to have the trust formed before sigining or double stamp duty would be payable.

    Talk to you solicitor before sigining.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of MJTMJT
    Member
    @mjt
    Join Date: 2004
    Post Count: 80

    When forming our trust we were asked what date to start it from. You could back date it if it needs to be formed before the contract is signed.

    But talk to your solcitor first.

    Matt

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Matt, backdating a document may be illegal, but is certainly possible. But maybe the trust deed is not a legal document until it is stamped, so you wouldn’t want to sign up and stamp later as it is dated. Better talk to a solicitor.

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of brahmsbrahms
    Participant
    @brahms
    Join Date: 2004
    Post Count: 485

    why do you need a trust at any rate?

    cheers

    Brendan Heagney
    Mortgage Broker
    07 3240 4815

    Profile photo of MJTMJT
    Member
    @mjt
    Join Date: 2004
    Post Count: 80

    The message I got from my solicitor was that it, the trust deed, is just set of rules on a piece of paper…heaps of paper.

    It didn’t matter in the past because it never traded – it didn’t exist and you didn’t play by those rules.

    If you have it drawn up and don’t sign and you if for years you can still sign it and activate it.

    It buys things that you control, enjoy & profit from.
    It seperates you from creditors if trouble looms.
    It is friendlier on tax and can help with estate planning.

    But again, talk to your solictor.

    Cheers[medieval]

    Matt

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