changing trustees

[Bushy]

Hi all,
At present my wife and I as Trustees have been purchasing properties for our family trust. Our names are on all the paperwork .
We plan to have a trustee company in the near future and would like to know
1. Do we need to change the names on the titles. If so the assetts haven't changed hands so I would hope stamp duty wouldn't apply.
2.If we don't need to change the names on the titles are they more "at risk" than the future ones bought by the Trustee Company.
Thanks for all replies. Regards Bushy

 

[DaleGG]

Hi


Yes, you will need to ask your solicitor to notify the titles office that the trustee has changed to . . . . Pty Ltd instead of you.

There should be minimal fees payable to do this - both to the solicitor and the titles office.

It is very important that you do notify the titles office so please do not delay once you do change trustees.

Dale

Originally posted by Bushy
Hi all,
At present my wife and I as Trustees have been purchasing properties for our family trust. Our names are on all the paperwork .
We plan to have a trustee company in the near future and would like to know
1. Do we need to change the names on the titles. If so the assetts haven't changed hands so I would hope stamp duty wouldn't apply.
2.If we don't need to change the names on the titles are they more "at risk" than the future ones bought by the Trustee Company.
Thanks for all replies. Regards Bushy

 

[Bushy]

Thanks again for your help Dale.
Regards Bushy