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Hello,

Just want to checked,

I bought a property in trust for my son. he just turned 21.

Upon CSC completion do I have to go to the law firm to transfer to him ? Or upon CSC and paying the last 15% it’ll be auto transferred to him ?

The property is purchased in trust for him.
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2 Answers

Hi,

1) In general, trust is a tool used for wealth protection and at the same time to ensure there is something keep for the underage child.
2) The other purpose commonly used by the rich is to generate a passive income for a child who might already reach legal age, control with a fixed monthly payout for their pocket money.
3) So it depends on how your trust was drafted and what type of conditions spelled.
4) Afraid you have to go back to your lawyer to understand the clauses. Your son is the beneficiary without doubt, meaning he is already the owner, thus no need to "transfer" in this case.
5) But whether trust can be dissolved, and he is allowed to sell at his own will has to look into the clauses again.

Hope the above answer to your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

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Hi, I would advice that you go back to your law firm for further assistance.

Regards
Aaron
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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