How much does it cost to set up a bare trust? Can I set up a bare trust? What is a bare trust? Do you need bare trusts? Assets (e.g. investments) are held by a trustee (often a parent or grandparent) for the benefit of a beneficiary (usually a child).
There is no limit on what or how much can be put into a bare trust.
It depends on the trustee that you choose, but a rough estimate is around $8if you’re setting up a self-managed super fund and bare trust from scratch. This cost drops to around $9if you already have an SMSF and don’t have to set up a corporate trustee. Avoid paying double stamp duty! You can set up a bare trust very easily with the help of a financial adviser – we have done these for many of our clients.
Funds must be used for the child’s benefit. This might include educational costs together with extras like uniform, music lessons and expensive school trips. I guess I could have checked the will!
In fact, as I discovere setting up a bare trust is almost ridiculously simple. Please note also that the structure is one property per one trust.