Blog

Balancing practicality and risk

A deed of nomination, for all intents and purposes, involves a purchaser naming a third party to take over the obligations of a particular purchase. This document is commonly associated with property, and you can use one to protect your family home. Now, you might wonder why you would want to go through this hassle.

Saving you money, a lot of money

For one thing, when you go through the process of setting up a family trust and undertake conveyancing, the transfer of the title of your family home can be costly (ranging from $800 to $1,600 depending on your circumstances). Instead, if you do not have an immediate urgency (or risk) a deed of nomination explicitly naming yourselves as nominees (ranging in cost from $90 to $250) can save you a lot of time and money.

Transfer the title at the most cost effective time 

For example, if you have owned your own home for a while and are not looking to buy and sell any time soon, a deed of nomination allows you to hold off having to pay large conveyancing fees until the next time you buy and sell the family home, simply by transferring the title then. In addition, creating a deed of nomination is likely to be a lot quicker to provide.

Working to protect your family home

If you're already interested in the prospect of creating a family trust to ensure that your home passed on to family members when you're gone, you should definitely look into the prospect of a Family Home Trust. It may be the best way to ensure that your family is able to remain in the home you've worked so hard to attain. And it will certainly save you money, both initially and in the long run.

So why not learn more and register with TrustUs today.

Its in your hands.