Week 7, Question 1
Ok so it's not the easiest time to add a blog post today. Now I'm working a day a week it does upset the flow I'd had with Caleb a bit. But I'm really loving having just a wee bit of space to myself.
Anyhow, nevermind that, it's back to money matters. Trusts is where we're at now. With the last vote saying we should buy an investment property we need to start thinking beyond our next pay cheque.
Matt's sister and her husband have just set up a family trust. They're pretty switched on and have got two flats which they're gradually doing up. They're rented out at the moment and they've also set up a company to manage them. So with our latest plan of attack changing - we're thinking about setting one up too.
The Trusts section on Sorted had a really good run down of the pros and cons so we've got a feeling about what we want to do, but as is the way, we'll go with your vote...
Steph
posted by sortme @ 1:43 PM
2 comments
2 Comments:
Family trusts are a good way to go in my opinion. It covers a lot and gives your family some security (if managed correctly) later on in life. It does take a bit of setting up, and unfortunately legal fees are the killer.
Find out first of all, the final costings to setting up a "Trust" as they are expensive.
They also have annual fees that have to be paid as well.
Once you find out the final cost, then decide can you really afford it at this moment in time.... or will it better to set it up and a few months time when you have the money to pay it in CASH.
Trusts are great, as you all will be safeguarded in the longterm should you and Matt separate and divorce later on or should one or both of you die.
Set up the trust so that 'all' children you will have, are then secure money wise years down the track.
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