Setting up a trust: What do you do first?

Sunday 5 May 2013, 5:36PM

By Andersen Accountants Limited


We are often asked about the order of events when setting up a trust.

The first step is to create the trust (through the trust deed) and all related paperwork. To set up a trust, simply contact us. We make the process easy and straight forward. Once the trust has been set up, any assets need to be transferred into the trust. This cannot happen until after the trust has been set up.

If you have a mortgage on your home you may need to talk to your bank about transferring the title, and possibly the mortgage, into the trust. The bank will issue documents that will need to be signed – after the trust has been set up. It is possible to provide some protection for your home without transferring it to the trust and without involving the bank in paperwork; however, it is usually best to formally transfer the title to the trust. Most other types of property can easily be transferred into the trust.

Once the assets are in the trust, we remain available to help you with any questions that arise or with changes to the trust’s requirements or asset base. For example, if the home is to be sold and another purchased, or if you marry or divorce or other significant changes happen in your personal life, we are here to help you with any queries about how this affects the trust and we can help the trust with minutes, resolutions and related paperwork.

Please talk to us if you have any questions about setting up a trust or its ongoing administration.

Andersen Accountants Limited
Telephone: 09 3695198