VIC gifting property

[Hayden78]

HI and thanks in advance, I would like to gift property to two of my children aged 19 and 17, I will be paying stamp duty. I would like to protect the asset from being included in any future property pool should they find themselves in a failed relationship in the future. Also I want to keep control of the property. Placing the property in a family trust is not an option.
- what kind of contract agreement would we be able to draw up and enter in to?
- if we draw up a mortgage agreement does it have to be registered ?
- is the 17 year old child able to enter an agreement due to age, if so, can the property transfer proceed and an agreement entered into and signed at a later date when the child is 18?

 

[Rod]

There other types of trust besides family trusts. The details of what you want to achieve will determine how to achieve the end result, Eg testamentary trusts, corporate entities, contracts, etc are all in play at this stage. Then there are tax considerations as well.

I recommend you give our estate team a call to work out the best option for you. See my signature for where I work.

 

[Tim W]

Gifting and "keeping control" are not logically compatible.
That said, what you want to do, but may not have expressed in quite the way you intended,
is often possible.
Buts it's a job for specialist lawyers and accountants working together.