Q&A for How to Start a Family Trust

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How long does it take to form a family trust, and what documentation is needed?

Community Answer

Typically, it takes two or three weeks after the initial consultation to prepare the trust documents. After the trust documents are signed, it is necessary to complete the funding documents that are used to transfer ownership of the assets to the trustee of the trust.

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Question

Where do I go to get a trust?

Community Answer

I obtained a trust through my accountant. It is a legal document, so I imagine using a lawyer would be a good idea.

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Question

How do I start a family trust if I'm married in community of property?

Community Answer

A lawyer can write a large or small trust, depending upon your assets. Once it is written and signed, you can simply make changes with your initials and date. You can choose for your lawyer to send copies to everyone in the trust. My husband and I set up a trust many years ago; it's nice knowing that when we die, our assets go to the right people. If you die and don't have a will or trust, it goes into the court who can/will make the decisions for you.

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Question

If I start a trust whilst married but separated, is my ex entitled to any of it?

Community Answer

I am no lawyer, but under most laws you are still married. As such, any asset you own before you are divorced is usually subject to a property settlement. Depending on where you are, this action may be begun up to one or so years after the divorce, and be registered with the court. The court then either accepts the registration of agreement to property settlement, or decides on an action. In Australia this happens in family court. Your court's website probably has information on this.

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Question

Can the settler be both a trustee and a beneficiary?

Community Answer

Yes, my parents established their trust years ago for their own assets, with them as beneficiaries. This kept all funds/assets available to them during their lifetime, while allowing those assets to roll to us upon their death. Two of my siblings are also beneficiaries. This is to allow a smooth transition at the time of their deaths.

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