Hi All, I'm afraid most people will find this topic a bit dull (no offence to accountants ). I'm trying to put together a list of assets and liabilities before meeting a solicitor to prepare our wills. I'm getting stuck on dealing with loans and units in our hybrid trust. As an example, say we purchased a $100K property using the hybrid trust. Assume we get a loan for $80K, and use $20K from a LOC. So on paper we purchase $100K of units in the trust, and the trust then buys the property. I don't understand how to record all of this as balance sheet items for myself and the trust. My attempt is: Johnnyb Assets: Units in Trust $100K Liabilities: Mortgage $80K LOC $20K Trust Assets: Property $100K Liabilities: Nil Does that make sense? I'm not sure if the units issued by the trust are seen as a liabilities. The thing that I really don't understand is if I look at the total position it looks like there is $200K of assets in existence. This doesn't make any sense to me, so either my understanding of bookkeeping is dodgy (very likely), or looking at a total position across different entities is not a valid thing to do. Can anyone shed some light, or point me to some bookkeeping 101 information? Thanks. John.