Hello,
I am an apointer of a HDT. I am looking into the process of removing a person whom is a trustee from this trust. The person is the single and only trustee. I am only the appointer. Does anyone know the process for doing this? Can i do this myself?
I live in WA, so the property in metion has the trustees name on record at Dola. If i want to remove this person and put in a new trustee, will i have to pay stmap duty again?
Any advise appreciated
I would suggest you get some professional assistance with this to ensure it is done correctly.
CATA
Asset Protection Specialist
[email protected]I beleive it is done by having a meeting between yourself and the trustee. You then dismiss him/her/it and then appoint a new one. This is recorded in a minuite of the meeting.
What you have to watch out for is, the new trustee will have to go onto land titles for any property owned by the trust, and new loans will have to be established.
But, Cata is correct. You had better get prof advise – especially if you have property owned by the trust.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.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
You must be logged in to reply to this topic. If you don't have an account, you can register here.
