[Yvette]

Hi Kohar

I had more clarification from last week’s Q&A as I ask a question re this. In relation to adding “By”, that is no longer needed. I am not certain where the All Rights Reserve goes, under the name or after the signature.

So instead of:

By: signature All Rights Reserved

Only add:

Signature All Rights Reserved

(Whether along same line or under, I am not sure). Hopefully either is fine.

Hope that helps!

[Yvette]

Thank you for the download!

[Yvette]

Hi All

I recently opened my trust bank account with NAB. All went well, no issues. What helped the most was to read all docs and watch all webinar videos from Solutions Empowerment. After a while something “clicked”, ie it became clear how they worked and yes, they are lawful and so why would there be an issue to open up a bank account when this is lawful. I think not clearly knowing how they work when you go to open up a bank account would potentially trip you up. The bank employees, including manager, may not know as much as you, so you can 1. not get rattled if they say something that is not the case, 2. you can kindly direct them to the info. eg the bank manager I spoke to said all my beneficaries needed to be associated with NAB and have a customer number. I replied that no they don’t, as pets can be beneficaries. It was a minor point and I did not fight it, just a mention. Then once we went through the steps, the next step in the manager’s office was for me to speak to the business department of NAB over the phone. They ran through some standard questions, eg what I wanted it for (I said asset protection). The questions need to be asked at their end and they were easily answered at my end. All went well. They said it would take up to 7 days to create the accounts (they were very busy with 400 applications!). I received the accounts the following week. I am now about to receive a debit card associated with the account – this I asked for. The business department will go through options of what type of account(s) you want. I have a standard one and a savings one associated with it plus a debit card associated with the standard.

All went well. I prefer NAB over CBA for my personal banking over recent years as CBA became a </font>problem re easily purchasing crypto. So I changed to NAB and had no issues. Hence why I wanted my trust account to be with NAB as I feel they are better than others, for now.

So my main advice is, learn all about the non-reg trusts through the info sheets, modules, and videos and it helps so much to then access a bank account and know what you are talking about as you may end up being the one who knows more in the bank and you can’t ask them for their advice as you want to appear as you know what you are talking about. Go well! I am so happy I have this now. I will learn more about the runnings of it and it helps to ask community:)) </font>

• This reply was modified 7 months, 3 weeks ago by  Yvette.

[Yvette]

Hi again

I have found answers to my original question and had a chance to ask at a Q&A. Yes, I can tick the box for the individual tax form (at the end when it asks) to state that I no longer need to submit tax forms. This will take me out of the system. You don’t need to continue from then. Thanks.

[Yvette]

Brilliant! Thank you for sending this through:))

[Yvette]

Thank you

[Yvette]

Hello Morag

Thank you for your replies along the way, it’s VERY helpful.

Another question: When a trustee transfers money from their personal account into the Trust account, do they label this as a “Contribution” in the description (like with foundations), or “donation” or “gift”. I prefer contribution, but this is the 1st time I have had a trust account, so I want to get it right.

Thank you very much.

Yvette

[Yvette]

Thank you so much Cherie, for this info, very helpful! Much appreciated.

[Yvette]

Many thanks Bonez. Great that all went well for you. Thanks for sharing, very helpful!

[Yvette]

Hi Morag, thanks for your reply. Yes, I was going to book an appointment but the website says Mark is no longer taking bookings. There is only the option, for now, to book a solicitor who does not do the “private” side of things. If this changes, I’ll book in. Thanks 🙂

[Yvette]

Thank you Bonez for posting that info, very handy.