Hi Everyone
I have a Trust with me and my wife as Trustees. I was thinking to change it so that I was sole trustee. It is a hasle when purchasing things that we both have to purchase as trustees for 'The Husband Family Trust'. Also for loan serviceabilty, having just one on the loan means that I can borrow for other properties in my wife's name (new trust maybe)
Anyway, I was just wondering how this would effect my current borrowings. If she is no longer a trustee, but still has a loan in her name. I assume we have to tell the banks. Is it better just to set up a new trust?
Thanks for your insights.
TH
I have a Trust with me and my wife as Trustees. I was thinking to change it so that I was sole trustee. It is a hasle when purchasing things that we both have to purchase as trustees for 'The Husband Family Trust'. Also for loan serviceabilty, having just one on the loan means that I can borrow for other properties in my wife's name (new trust maybe)
Anyway, I was just wondering how this would effect my current borrowings. If she is no longer a trustee, but still has a loan in her name. I assume we have to tell the banks. Is it better just to set up a new trust?
Thanks for your insights.
TH