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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
788568	2009-07-04 12:10:00	If they don't sign such a document, then they aren't the person for you. If they are intelligent, then they would know that it is not a slight on them, but you are just showing that you want to protect both of them by contracting out of the relationship law. That is a law that sucks anyway, and it is a typical labour law. When you get into a relationship, you have to put a lot of faith in that person, and you don't usually know anything about their past. This is unlike when you buy a house, where you can puchase it with a Due Diligence clause, where you can do your research on the history. Relationships are probably the only thing you do in your life where there is no Due Diligence , so you have to be very very careful. Yep, I can understand when it may be signed in fairness cos both adults are paying for the mortgage. Ie., each party gets a 50% split from it. Or if one person paid 20% of it first, they may sign, that the other person gets the split less the initial payment. But to prevent someone like the spouse to get it, I see some difficulty with that. If she is paying hundreds of dollars per week on it, any person would want some kind of benefit on that. Ie, after paying the mortgage for XX years, she wouldn't want to walk away with nothing and what she paid is now some other party's asset.	Nomad (952)
788569	2009-07-04 23:09:00	I'm not going to get into this because its a complex subject and requires at least half an hour talking with a lawyer. Just be aware that relationship property law has been amended to make it easier to claim from a trust. "Trust busting" is often covered in seminars on trust and family law. It's a hot topic at the moment. No surprise really - imagine being married for 15 years, children, both parents working and paying the mortgage. They separate and one spouse gets nothing. Zilch. The other as a beneficiary of the Trust keeps the lot. Oddly enough, judges are quite open to looking into that.	Winston001 (3612)
788570	2009-07-04 23:13:00	If you want the best structure, here's what you need. The Trust is established by someone elses money, say your parents. Common enough. You are only a beneficiary - not a trustee, and no power of appointment. Secondly you and your partner sign a Section 21 Agreement contracting out of the provisions of the Relationship Property Act 1976. Then cross your fingers that you all have a happy life and never need to test the arrangements. NB: this is a general opinion simply to help readers understand the complexity required. I could equally show you how this could be undone, but it isn't an easy or certain path.	Winston001 (3612)
788571	2009-07-04 23:31:00	It's classic patriarchy - a lot of men think their work and contribution to a relationship is the most fantastic thing and the only thing which carries any real meaning in the world. It's a simplistic, rapacious and money-based view espoused by men who think "she's gonna divorce me and take everything I've worked for..." They are taking the exact money-based attitude they are assuming will be taken by a ficticious woman leaving them sometime in their future.	Deane F (8204)
788572	2009-07-05 00:07:00	Don't get into housing .. spare money don't put in housing just give it away to a parent that you trust, no trust to be set up no nothing ... :p At the end of the day whenever in future at least you have something how small :D	Nomad (952)
788573	2009-07-05 22:24:00	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, I haven't read the rest of the thread in detail, but I am in basically the exact same situation as you. What do you mean by when you and her 'contribute' to the mortgage? Bear in mind, if the house is owned by the trust, the mortgage belongs to the trust as well - NOT you. Unless you take out a mortgage and sell the house to the trust for an acknowledgement of debt. In that case, the trust owes money to you and you pay the mortage. In which case, any future 'she' shouldn't contribute to the mortgage since its your debt, not hers. As far as I am aware, if the mortgage is owned by the trust, then you can either "contribute" by: 1. Lending money to the trust in exchange for an acknowledgement of debt. 2. Gifting up to $27k per year. This is giving money to the trust no strings attached. If your future partner does either of these (properly) she will have no claim to your house. But no reasonably intelligent person would contribute to someone else's mortgage without any benefit (except lending because the trust would owe her money). Roscoe: haha its funny you mention Ross Holmes, I'm currently reading one of his books now, if only just so I know what to ask the lawyers! PS As said before, you'd need to go to an expert for clarification.	utopian201 (6245)
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