Setting up a family Trust

I dont know much about trusts myself even though my dad set one up for the family but one think I think is better don't make family members trustees of the trust. Rather get outsiders. I think it is far better....
 
Safferbeauty said:
I dont know much about trusts myself even though my dad set one up for the family but one think I think is better don't make family members trustees of the trust. Rather get outsiders. I think it is far better....
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You're a trustfund baby? Can i have your number? ;-)
 
Having a trust while you're alive can and will be expensive because of the tax implications especially around property. A trust upon death is a better idea and it holds some benefits.
 
Hi Guys

Thanks for all the detailed responses. After reading all of it, it seems not worth it to move it in the trust. Would a better option be to change my Dad's will leave the house in the trust in case something happens? Then we won't have to pay so much for it to happen. We also not planning on selling the property ever so we won't have to worry about the tax implications.
 
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