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I have read some websites about setting up a trust if I want to buy a property for my son (12yo now), however, the process is very confusing. Assuming that I plan to buy set up a trust and buy a $1M unit. What are the procedures, one-time and recurring costs to maintain this until he is 21yo? What happens to any rental income generated from this unit?
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5 Answers

Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More
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Dear Sir/Mdm,

It is not as complicated as you think. You can engage a lawyer to draw up a trust deed and once that is done, proceed to purchase the property. The rental income generated can be used towards the maintenance of the property.

Please feel free to contact me so that I can give you an overview of the process.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
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(E) nick96444854@gmail.com
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Dear Buyer,
Any property bought under a trust must be paid in cash. And, rental earned will have to stay in the trust account. Your son will takeover the trust account once he is 21. Please talk to a lawyer who does trust and ascertain everything carefully. If need be, I can recommend a lawyer too.
Cheers!

Elan Govan
MABA (Lancaster)
Huttons Asia P. L.
 90170747 
www.goodpropertiesguide.com Read More
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Hi,

1) You will need a lawyer to assist you to set up a trust.
2) If you buy a resale property, you have to pay 100% in cash within 3 months' time.
3) This was one of the reasons most people buy incomplete property in the trust. So that they can stretch this payment throughout the 3~4 years' time.
4) Property in trust is usually unable to find a buyer within 3 yrs because of the insolvency act.
5) Rental collected from the property goes into the trust.
6) This income can only be used on the beneficiary. This is something you have to highlight to the lawyer on what and how this can be withdrawn to pay for the beneficiary's expense.
7) This income also can be used for payment of maintaining the property, annual taxes, etc.

Hope the above answer 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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