Create Trust Online in just a few minutes
How to create a Trust Online in just a few minutes
A trust is a relationship which involves two parties – a trustee and the beneficiaries of the trust. A Trust Deed is set up to govern such relationship and it is the job of the trustee to hold property and other assets on trust for the benefit of the beneficiaries. Now you can go on the internet and create trust online, unit trust online, discretionary trust online – the procedures to complete such documents are quick and relatively easy.
Setting up of a Trust
In normal circumstances, a Trust Deed would be drawn up and signed in the presence of a lawyer. These days, you can easily create trust online. However, if you take this route you should be cautious.
The laws applicable to trusts and taxation in relation to the assets owned may need some legal guidance
Follow each step carefully – if the form you use is downloaded from the internet, you will have to fill in pertinent information, selecting the clauses you wish to include.
The validity of a Trust
A trust created online is legally valid and is easy to set up. It gives you regular access to the document and detailed instructions on how to manage the procedure. When creating an online trust document you will be able to:
-
Designate the trustee you want
-
List the beneficiaries who will benefit from the trust
-
If required, create sub-trusts for the children
-
When you go online to create a trust each subsequent screen will guide you easily and quickly. If required, you can also get help via phone or email. Experienced technical help is available online. The information provided online is updated regularly by professional lawyers and any changes in the law are incorporated so that all legal documents appearing online are up to date.
You must note that if you create trust online, you must then contact the State Revenue Office in your State and pay the relevant stamp duty, the amount of which varies with each State. The relevant stamp duty is as follows:
-
Vic $200 payable within 30 days;
-
NSW $500 plus $10 per counterpart payable within 90 days;
-
NT $20 plus $5 per counterpart payable within 60 days;
-
TAS $50 payable within 90 days;
-
SA, WA, QLD & ACT - no stamp duty payable (subject to change by the relevant State or Territory legislation or authority)
Conclusion
A trust created online is easy to set up. If the details of your trust are straightforward creating trust online will save you around 85% of the normal cost of setting up a trust. The questionnaires you need to fill up online will not take more than around 15 minutes – a quick and easy process.
View All