Hi all,
I'm setting up a Family Trust which will hold a share portfolio and later investment property. Early on, the benefits of the trust will be smaller and asset protection issues lesser. Later these become important, but for now I mainly want to set it up right, start accumulating assets within it rather than outside of it and keep the running costs down initially.
With this in mind, I am considering setting it up with me as the sole appointor and trustee. Later, should it be advantageous, I could set up a company and appoint this as the trustee and appointor (removing me as an individual trustee and appointor).
Can anyone see any issues with this? Are there any specific deed considerations beyond what would normally be included?
Appreciate your thoughts, thanks.
I'm setting up a Family Trust which will hold a share portfolio and later investment property. Early on, the benefits of the trust will be smaller and asset protection issues lesser. Later these become important, but for now I mainly want to set it up right, start accumulating assets within it rather than outside of it and keep the running costs down initially.
With this in mind, I am considering setting it up with me as the sole appointor and trustee. Later, should it be advantageous, I could set up a company and appoint this as the trustee and appointor (removing me as an individual trustee and appointor).
Can anyone see any issues with this? Are there any specific deed considerations beyond what would normally be included?
Appreciate your thoughts, thanks.