Loans Agreement for Family Trust - Dale?

[gniks]

Hi,

I have to document a loan from us to our Family Trust of $$ from a LOC on our PPOR used to buy investment properties for the trust.

Can anyone point me to the right solicitor (what practice area is it?) in Melbourne to have such a doc drawn up at a reasonable cost?

Also, I gather this same solicitor could advise on director's guarantees for borrowing for the trust?

Thanks
gniks :)

[Aceyducey]

gniks,

This can be documented simply as a minuted meeting of the Trustees.

You don't need a solicitor involved, just draft it up in respectable format on your PC, print it and have the relative people sign it.

We do this regularly. I'll ask Jas about the template we use...

Cheers,

Aceyducey

[skater]

I also wouldn't mind a look at the template as I have to do a similar thing, but haven't got around to it yet.

Cheers

[HHH]

I too was looking at doing up a template on my PC - if you would be so kind I would appreciate a look?

thanks heaps :)

[Boyler_Room]

Acey,

I wonder if you could just attach the template to a post and post it on here (in this thread) so that those that want to view it can.

Regards,
Boyler Room

[Aceyducey]

Will have to ask Jas about it tomorrow :)

Someone remind me in chat!

Cheers,

Aceyducey

[gniks]

Acey, you're a champ. Thanks for that, it will save me the cost of the solicitor. If you could post it or email it to me that would be fantastic. If ever you're in Melb drop me an email and I'll shout you a nice drop.

gniks :D

[Aceyducey]

Acey, you're a champ. Thanks for that, it will save me the cost of the solicitor. If you could post it or email it to me that would be fantastic. If ever you're in Melb drop me an email and I'll shout you a nice drop.

gniks :D
Wait til you see it gniks :)

Cheers,

Aceyducey

[Timmsi]

Hi,

Any chance of getting that posted or emailled to me as well?

We have done a few loans from a LOC to our trust as well and I need to catch up on the paperwork.

Thanks! :)
Peter

[Aceyducey]

OK this is the type of document I meant.

Cheers,

Aceyducey

[JumJones]

We use a generic one, and in the wording of the body change details..

[Timmsi]

Hi,

Wow!!! So quickly. Thanks heaps. :D

Peter

[Jas]

You need to set out in the minutes what the finacanl offer is. I normaly write something along the lines that the offer to the trust is subject to the same terms that the loan is offered to the us, and that all costs regarding the loan will be passed on.

Makes it simple.

Jas

[skater]

Thanks guys.

[gniks]

Thanks Acey and Jas, much appreciated. I had wondered if it could be Minuted, even though Dale's Trust Magic book says it should be a loan agreement prepared by a solicitor. Certainly far cheaper to have our own documentation if it satisfies the ATO.

Dale, would still be interested in your opinion if you're listening...

Cheers
gniks :)