A partner of mine recently attended the Brad Sugars seminar in Melb. Apparently once you set up the first family trust the cheapest way to set up a 2nd, 3rd etc is to photocopy the trust documents, change the trust name and just submit the forms to the relevent body. Saves the big $’s on the legal work which is no different to what was done to set up the last one.
Any thoughts [?]
Hey Leigh,
I’ve heard of people doing this and I thought about it myself. What I decided though was that my Solicitor is a very valuable part of my team. While it may cost around $350 for him to establish a trust it is up to date (not that there are to many changes) and it gives me the chance to make sure I am using the right vehicle. I also see it as ongoing work that keeps him paid and provides me with a good solicitor relationship. I guess I just find it easier to leave it to the experts and happily pay them for their skills. The other up side is if something is wrong it is his mistake. Therefore he must fix it up.Enjoy
AD [:0)]“A successful person is one who can lay a firm foundation with the bricks that others throw at him.” -David Brink
Yeah that sounds like a better approach, $350’s only a small cost if you are getting the best out of your solicitor and keeping a strong team together.
Thanks AD [
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