I was hoping if I can get some direction on transferring a part Joint Tenancy house and property share to a Trust.
Here's the scenario ....Husband and second Wife own a house and property in joint tenancy, husband goes into rest home but to ensure that his share of the house maintains ownership to his survivors (children) he wants to put his share into a trust, as his second wife when passing will give her share to her sister, if he does nothing and passes before his second wife the house will probably go to the second wife who in turn will probably Will the house and property to her sister on her passing and the husbands children may see nothing unless they contest the second wife's Will.... a lot of messing around.
The husband has a trust set up with his two children as the trustees, my question is how simple is it to transfer ownership from husband to trust does it require legal assistance or can it be done by simply filling in some forms with LINZ, I read somewhere that the joint owner must give permission but I can't seem to find where I saw that, I am up to speed with gifting to the trust etc but I am not 100 on transferring half share titles in a Joint Tenancy scenario to a trust.
Apreciate any direction or pointers on this thanks
Here's the scenario ....Husband and second Wife own a house and property in joint tenancy, husband goes into rest home but to ensure that his share of the house maintains ownership to his survivors (children) he wants to put his share into a trust, as his second wife when passing will give her share to her sister, if he does nothing and passes before his second wife the house will probably go to the second wife who in turn will probably Will the house and property to her sister on her passing and the husbands children may see nothing unless they contest the second wife's Will.... a lot of messing around.
The husband has a trust set up with his two children as the trustees, my question is how simple is it to transfer ownership from husband to trust does it require legal assistance or can it be done by simply filling in some forms with LINZ, I read somewhere that the joint owner must give permission but I can't seem to find where I saw that, I am up to speed with gifting to the trust etc but I am not 100 on transferring half share titles in a Joint Tenancy scenario to a trust.
Apreciate any direction or pointers on this thanks
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