Hi,
Using the search function returns an error message for me, so please excuse if this has been asked before.
I am looking at updating my will in regards to passing on current and future property to my beneficiaries in the most beneficial way for them.
Property is held in own name and trust.Any
a) advice or
b) professionals in Sydney who you can recommend?Thank you.
Wtbnow
Hi WtbNow
I have just recently completed my Estate Planning, I own property in my own name and a trust, I formed a Discretionary Trust, which comes into effect only when I die. This seemed the best way to pass on my assets to particular people. A good solicitor should be able to advise you. Costs between $2,500 – $3,500.
Good Planning Teach
Just about to get into P/I in a large way with an aim to early retirement and having fun along the way.
Originally posted by chrisholt452:Hi WtbNow
I have just recently completed my Estate Planning, I own property in my own name and a trust, I formed a Discretionary Trust, which comes into effect only when I die. This seemed the best way to pass on my assets to particular people. A good solicitor should be able to advise you. Costs between $2,500 – $3,500.
Good Planning Teach
What you are talking about is called a testimentary trust.
The nornal family discretionary trust or unit trust with a corporate trustee is a separate legal entity to you and therefore endures after your death, which means the beneficiaries including your children still get the benefits of the properties with no change of ownership and therefore no stamp duty or taxes.
Michael Yardney
METROPOLE PROPERTIES
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