What name appears on the bank account? In the instances there is a corporate trustee, the full name is "Trustee Company Pty Ltd as trustee for The Surname Family Trust".  In the instance there is an individual as the trustee the full name is "John Smith as trustee for The Smith Family Trust".

 

Whose name should appear on the contract to buy an investment property? The name of the trustee as trustee for the trust, as above.

 

Can we change the trustee of the trust? Yes, at any time.  The appointor must choose the new trustee.  Documentation is required to complete this change.  Please contact one of our Corporate Secretarial team members who can prepare the documentation on your behalf.  You will also need to notify any lenders and the titles office urgently if you do change trustees (where appliable).

 

Yes, you can, but in doing so you risk "resettling" the trust which means that the old trust dies and a new trust is created.  In practical terms this would mean that the old trust effectively sells the assets of the trust to the new one and this would mean stamp duty is applicable.  There will also be Captial Gains Tax payable on the sale of the assets from the old trust to the new trust.  An important note: you should be aware that the definitions of a beneficary within a trust are so broad that you really need to add a beneficiary because virtually everyone ever related to any of the primary beneficiaries of the trust is covered.

 

How long does a Trust live for?  The Trust has a limited span of 80 years at the most.  However, the trust can be wound down earlier at the discretion of the trustee and the appointor.  At the end of 80 years the assets of the trust are distributed to the beneficiaries of the trust in accordance with the terms of the trust deed.