May
17
I’m from Australia and I want to know what fees and costs there would be in creating a family trust that will purchase and own a rental property? The trust will return a profit so will need to distribute the income to beneficiaries. There will be 5 beneficiaries, 4 of which will be under 18 years. Who do I contact to set up this trust, an accountant or a solicitor, or both? Will I be able to add further beneficiaries in the future?
Are you thinking about selling your home yourself? then
I would talk to an accountant about it initially, but keep in mind that beneficiaries under 18 who do not have a form of earned income will pay excessive tax on unearned income, so it may not be the best way to do it. That is something you would have to discuss with your accountants.