Transferring properties into Trust

Viewing 7 posts - 1 through 7 (of 7 total)

Jett29
Member
@jett29
Join Date: 2004
Post Count: 5
October 6, 2004 - 11:03 am
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?
brahms
Participant
@brahms
Join Date: 2004
Post Count: 485
October 6, 2004 - 11:27 am
pay stamps twice??
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 7, 2004 - 3:58 am
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
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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MJT
Member
@mjt
Join Date: 2004
Post Count: 80
October 7, 2004 - 11:51 am
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
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
October 8, 2004 - 12:15 am
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
brahms
Participant
@brahms
Join Date: 2004
Post Count: 485
October 8, 2004 - 11:27 am
why do you need a trust at any rate?
cheers
Brendan Heagney
Mortgage Broker
07 3240 4815
MJT
Member
@mjt
Join Date: 2004
Post Count: 80
October 8, 2004 - 12:51 pm
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