Transferring trust assets to individual name

Hypothetical situation:

If one held a property (asset) in a discretionary trust and no longer wanted to retain it in this entity but an individual name instead, besides the obvious stamp duty and cgt issues, are there any other costs involved?

 

For me, I would be paying extra legal costs to ensure the Trustee is able to sell the property - i.e. get the deed checked to ensure there is the power of sale.

Even then I might seek assurances from all potential beneficiaries - they have some powerful remedies of property tracing if the Trustee is acting ultra vires or in bad faith.

You are always more exposed dealing with a Trustee.

Cheers,

Rob

 

As mentioned read the trust deed to make sure the trustee can make an in specie distribution to the beneficiary you want to own the asset in their own name.

 

Also, just be aware of Estate planning issues and Asset Protection issues that may arise as a result of the trfr to a beneficiary.