Hi there,
I am new to this forum but I am looking for answers to my questions as below. My husband owns a property with his family of 4 in a trust and we have a personal property together outside trust.
- The Trust is buying an investment property and the bank has suggested to make an amendment to the trust by removing his parents from the Trustees and retain them as beneficiaries only, making my husband and his brother trustees.
- My husband and I have bought a turn key investment property for which we have paid 10% deposit already, the construction of the property will be completed in 5 months.
Do you think my husband's financial position of being trustee with his brother will jeopardize our turn key property purchase? Since the liability for trustees will be 50% as compared to 1/3rd share he had.
It's a bit tricky situation and not sure if I have explained it properly.
I am new to this forum but I am looking for answers to my questions as below. My husband owns a property with his family of 4 in a trust and we have a personal property together outside trust.
- The Trust is buying an investment property and the bank has suggested to make an amendment to the trust by removing his parents from the Trustees and retain them as beneficiaries only, making my husband and his brother trustees.
- My husband and I have bought a turn key investment property for which we have paid 10% deposit already, the construction of the property will be completed in 5 months.
Do you think my husband's financial position of being trustee with his brother will jeopardize our turn key property purchase? Since the liability for trustees will be 50% as compared to 1/3rd share he had.
It's a bit tricky situation and not sure if I have explained it properly.
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