Advice On Joint Tenacy part share to Trust

[JAGGZ]

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

[Ivan McIntosh]

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

The first point to make is that joint tenancies held personally don't go to your estate, they go to the other joint tenant. If they die first, the second wife's half share will never make it to her sister; it will go to the husband, and vice versa...it won't "probably" go to the second wife, it will automatically go to the second wife.

So yes, the share of the husband needs to go into a trust in order to survive his passing. In practical terms, it will need to be transferred with the second wife's consent, because you are transferring an "undivided joint tenancy"...you are transferring what the husband and second wife own jointly from one pair to another pair. In essence, husband plus second wife transfer their estate to Trust plus second wife...either still as joint tenants, or as separated tenants in common, so that the second wife's share can be disposed of as per her will (otherwise on her death her share would go to the trust if it were still held jointly).

It is possible to do your own conveyancing with paper forms...there's a site somewhere that will help you through it...but be prepared to spend plenty of time and do a lot of learning. In practical terms you can't do it yourself if there is a mortgage involved, as the bank won't trust you to discharge their existing mortgage and register a new one. I'd suggest you are better off using legal assistance for anything but the least complex scenarios.

[JAGGZ]

Hi there Ivan McIntosh thanks very much for your input with much valuable information that helps a whole lot, much appreciated.