corporate trustee, page-14

Besttime60

Re your query about changing from an individual to corporate trustee.

Primarily it involves:-

a)purchasing a "shelf" company (cheaper that setting up a new company from scratch)

b)Having a solicitor draw up a Deed of Variation to the Funds Trust Deed, and

c)Advising your state Companies Office of the changed function of the company.

My accountant handled these and all other matters, except for arranging owner name changes of each of the funds assets. She had warned me that the latter was a tedious and prolonged exercise, ie: that her fees for such would be significant. Hence I opted to do that part myself.

If you decide to go this route,I DO recommend it, I suggest your first move should be to talk to your accountant.He/she should be able to give you a cost estimate. I imagine $2,500 will easily cover everything.

On-going costs come in under $150 pa.