Hi everyone
I'm looking at setting up a family trust and was wondering for those of you who already have trusts set up, who you used to do it? A lawyer, accountant, other? I'm trying to weigh up the benefits of each.
Thanks,
Dave.
Hi
I recently went to an accountant with experience with DTs. The accountant would be responsible for the DT's tax return, but the actual trust deed will be set up by a lawyer.
In my case, the Trust deed was done up by a law firm in Sydney.
Regards
DanielHi Dave,
The trust is usually set up by a property lawyer. It is the lawyer's job to "think" of every possible scenario that could happen and make sure that there is a way to deal with it. This is known as a "precedent".
The lawyer lodges the trust to get stamped at the relevant government office in your state.
Shoot us an email and I can introduce a couple of lawyers who can do this for you, or at least they'll be happy to explain what is involved and how it works.
Daniel, how much do they charge you?
Setting up on ATM in Brisbane.
My 1st prefrence was to set up a Hybrid DT.
However, due to my time stringent lines (i have already put an offer in under my name and my accountant asked me to buy the house under the trust), I just had to go with a plane vanilla form of a DT.Does anyone know the pros and cons between Hybrid DT and DT?
My DT AKA Family trust cost me $550 to set up. (well that's what they have quoted me)
You can buy them online for cheper. However, i am reluctant to go that way due to my limited knowledge in that area.
I don't mind paying for good advice and I only deal with people who make money out of me!
I get mine at law central.
Trust deeds are legal documents so they are drawn up by lawyers. Accountants can setu them up by buying a document where they just add the details in for trustee, appointor, settlor etc without changing the actual wording of the trust. Accountants can generally advise on who is best for these roles but shouldn't really give any legal advice which doesn't relate to tax – unless they are qualified in that area.
There is no need to use a lawyer to lodge the deed with the office office of state revenue. You can just walk in with your deed and get it stamped on the spot after you have paid the fee – the OSR doesn't even keep a copy of it. Not all trusts are for property either. Many people use their trusts for business or shares.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I tell my accountant what I want to do, they decide what sort of trust will be best and they get a lawyer to draw up the deed. I am a lawyer myself but there is no way in the world I would prepare my own trust document.
There has been a lot of talk on the forum about setting up your own trusts/companies, but I would thoroughly recommend that you don't do it yourself. Just don't.
Cheers
K
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