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| Thread ID: 101162 | 2009-07-03 07:33:00 | Questions on Family Trust | Nomad (952) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 788548 | 2009-07-03 07:33:00 | I was offered to update my Will for free so we just got into a conversation . It also happens that I am single and I am saving for a house which in the future if I meet someone obviously the two working will contribute to the mortgage . 1) If I start the mortgage myself alone and put it in a family trust and then she comes in the picture and she is contributing to the mortgage, she would be eligible for a share of that asset right? Up to date how much but she would be eligible right? Unless if she signs another contract that stipulates to differ but who is gonna sign that right . . . . 2) If a Family Trust is set up, and I have bank accounts linked to the trust - not under me . Under my own bank account if I do a fund transfer to the trust is that ok? |
Nomad (952) | ||
| 788549 | 2009-07-03 10:29:00 | I don't think any answers you get here to your very vague questions are going to be of much help to you. Get advice from a professional. What city are you in? | theother1 (3573) | ||
| 788550 | 2009-07-03 10:40:00 | I'm in Welly. I can get them answered but thought quicker here. Probably go via a professional trustee to have it managed properly. I understand the settler can also be the trustee which is good. With the pro (or lawyer) being doing the management only. Should get invited to a free seminar too. A maybe a simpler question is how can the settler benefit if a family trust has benefactors? I think if the settler uses it for his/her own needs that can be considered a sham. Would you rely on the benefactors to transfer to the settler but this sounds a bit dodgy or is it again .. go via the trustee and they arrange or ... |
Nomad (952) | ||
| 788551 | 2009-07-03 10:59:00 | Any question may be answered but I think you want a 100% correct answer. In the event you form a relationship in the future I would suggest you get the prospective partner to sign a pre-nuptial agreement. Even if you and you partner live under the same roof in a defacto, civil union or marriage you may be liable to 50/50 split the combined assets. Advice from here is just advice and can't be relied on in a court if it gets to that stage. |
Sweep (90) | ||
| 788552 | 2009-07-03 11:06:00 | Thanks Sweep, yup I know about the 50/50 but my gut feeling is that even if the Trust is formed prior to meeting that person if that person contributes to the mortgage the Trust may ineffective, since a Trust "cannot have the intention to prevent them to get the share of your relationship property". Unless of course you paid the house yourself or that the house was fully paid off prior to meeting the partner. Of course the agreement but I dunno, maybe not many people would sign that. I mean that to some people may mean an insult, don't you trust me, if you don't trust me, let's just split and go separate ways. If that house was a inheritance and it had other goals I can understand but if the partner is paying the mortgage as well .... hmm....... |
Nomad (952) | ||
| 788553 | 2009-07-03 11:28:00 | An agreement is just that and I have no problem with your prospective patner getting their fair share of any contributions they may make toward a mortgage. In a marriage you and your partner make a contract to stay together until death us do part but I duly note that that has changed over time as well. I certainly take marriage vows seriously but I do note that they have changed over time. Are a couple going to get up and say, "I want a commitment now but if you annoy me I will leave and take the children if any plus anything else I can get"? |
Sweep (90) | ||
| 788554 | 2009-07-03 12:38:00 | And people think it's the lawyers that are dodgy (not the clients)... :confused: | Deane F (8204) | ||
| 788555 | 2009-07-03 12:51:00 | And some lawyers help the dodgy clients to escape the spirit of the law by using the letter of the law. | Sweep (90) | ||
| 788556 | 2009-07-03 21:27:00 | What an excellent way to plan your future divorce before you even get married . Generally it takes 2 working to afford everything these days . Then for some reason people start to breed . Usually the woman gets to stay home with the baby or go to work and run around like a headless chicken working and trying to be the main child minder as well . Why shouldn't she get half if you split? And vice versa . |
pctek (84) | ||
| 788557 | 2009-07-03 21:39:00 | What an excellent way to plan your future divorce before you even get married . Generally it takes 2 working to afford everything these days . Then for some reason people start to breed . Usually the woman gets to stay home with the baby or go to work and run around like a headless chicken working and trying to be the main child minder as well . Why shouldn't she get half if you split? And vice versa . X2 |
gary67 (56) | ||
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