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How to set up a trust

Discussion in 'General Investing Discussion' started by red cliff, 30th Jan, 2009.

  1. red cliff

    red cliff New Member

    Joined:
    30th Jan, 2009
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    Location:
    mEL
    Hi, all. I'm thinking of setting up a trust, however, I could not google an org that I can apply and register a trust myself? I came across this forum and thought I might get help here. any help very much appreciated!:)
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    9th Jun, 2005
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    4,619
    Location:
    Sydney, Australia
    There are a couple of companies around who might be able to help you ...

    Cleardocs Online Legal Documents | Register an Australian Company | Business Registration | Incorporation in Australia

    LawCentral Online Australian Legal Document Shop – Trusts, Wills, Corporate Documents, SMSFs

    (this is not a recommendation or endorsement - I have no experience with their products nor expertise in identifying whether their products are adequate or suitable).

    However, I would suggest that for legal structures like trusts, it is worth paying for good advice to ensure that you get it set up correctly. Failure to get it right up front can have significant financial (and legal) consequences down the track ... trusts are not simple beasts and one size does not generally fit all.
     
  3. red cliff

    red cliff New Member

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    30th Jan, 2009
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    Location:
    mEL
    thanks. so a trust is not like a company that I can go to ASIC to register myself, right?

    I got mixed view on whether or not to have a trust. some accountants suggest it, others not. Basically, I do not have family members here. I'm wondering if it is really for me.
     
  4. Saskatoon

    Saskatoon Well-Known Member

    Joined:
    17th Oct, 2005
    Posts:
    67
    Location:
    Aldgate, SA
    Hi. Do some research to find out if a trust may be of benefit. Borrow a copy of 'Family Trusts...' by Nick Renton from a library (2007 is latest edition). There are other threads on this forum and on the Somersoft forum. Then, professional advice is strongly recommended before you do anything! From what you say I assume your family members aren't in Aussie, but that doesn't affect the operation of a trust if that turns out to be the way to go.