Can you change a unit trust into a family trust?

Viewing 4 posts - 1 through 4 (of 4 total)

kerrcorp
Member
@kerrcorp
Join Date: 2003
Post Count: 15
April 13, 2006 - 11:42 am
Hi All,
I had a great offered to me by a bank for finance. The only problem is that my trust deed is a unit trust not a family trust and their lending poilcy excludes unit trusts.
I have never encountered this before and previously have had no problem borriwing in my trust and company structure.
Can anyone tell me away around this problem…can you change the structure of your trust from unit to family??
Any suggestions would be great
Michelle
amerc79
Participant
@amerc79
Join Date: 2005
Post Count: 29
April 13, 2006 - 12:20 pm
Hi Michelle,
There would be a lot of amending required in order to so and you will most likely have to revisit your accountant to arrange. It may take time as new trust deeds will need to be executed etc.
See your accountant to get further information.
Andrew
cata
Participant
@cata
Join Date: 2005
Post Count: 559
April 13, 2006 - 8:34 pm
Hi Michelle
Not worth the effort IMOP. A new trust would be easier and probably cheaper.
Alot of amendments would be needed and then to resettle the trust. I’m having nightmares just thinking about it.[weird]
CATA
Asset Protection Specialist
[email protected]
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
April 18, 2006 - 4:04 am
Yes, just set up a new trust. If necessary the income can be distributed to the unit trust.
Terryw
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Parramatta
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