All Topics / Help Needed! / Transfer property to trust?

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  • Profile photo of gammonbrusgammonbrus
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    @gammonbrus
    Join Date: 2008
    Post Count: 96
    August 28, 2013 - 3:32 am

    Hi all,

    Does anyone know about transferring a property to a trust (or similar). Myself and a partner have an investment property which we are still paying off.

    We require the property to not be in our names, i.e we "must not currently own property". If we transfer the property to a trust of some sort, would this completely rid our names of the property and neither of us would technically "own property"?

    Thanks for you help.

    I can clarify further if this is unclear.

    regards

    gammonbrus.

    I did post this in the legal section but not sure if this is technically a legal question. 

    Profile photo of NarrowlothomesNarrowlothomes
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    @narrowlothomes
    Join Date: 2011
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    August 28, 2013 - 8:39 am

    Hi- a trust in not a recognised legal entity that can be on a title.  I am assuming that your names are the same as the trustee of the trust.  Therefore the only other way I know would be to set up a company and then transfer is into the new company entity.  There are then costs in setting up a company, possible loan implications and STAMP DUTY too.  Would it be worth doing?

    Profile photo of Scott No MatesScott No Mates
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    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    August 28, 2013 - 10:29 am

    You also need to consider the CGT implications as well.

    How separate from the property do you need to be? A company trustee with you as directors of the company may not provide the separation required. 

    Profile photo of gammonbrusgammonbrus
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    @gammonbrus
    Join Date: 2008
    Post Count: 96
    August 28, 2013 - 11:16 am

    Thanks for the reply. I require absolute seperation, and dont mind what the costs are. What do you think could provide this?

    cheers

    Profile photo of gammonbrusgammonbrus
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    @gammonbrus
    Join Date: 2008
    Post Count: 96
    August 28, 2013 - 3:07 pm

    Does that mean that a living trust will get the property out of my name and possession, as that is the only thing I really am interested,

    thanks

    Profile photo of crjcrj
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    @crj
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    August 29, 2013 - 2:39 am

    First, why do you need the property to be out of your names.  Bear in mind that courts can look behind transactions if there is an attempt to beat creditors etc. 

    Profile photo of gammonbrusgammonbrus
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    @gammonbrus
    Join Date: 2008
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    August 29, 2013 - 6:18 am

    Hey mate, its not an attempt to beat creditors lol. 

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
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    August 29, 2013 - 1:43 pm

    This is a legal question. There are a couple of ways to do this, but far reaching consequences.

    First off – Why do you want to do this?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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