Share Trading as a Minor - Trust Deed

I'm currently trying to create a trading account with SelfWealth. As I'm under 18, I'm trying to set it up as minor trust with my Dad as the trustee and me as the beneficiary of the cash account and shares.

After filling out the online application, SelfWealth are asking for a trust deed. Is this something that I am able to write out myself for free? I had a look online for some templates and the only ones I could find were charging a hefty fee. Any assistance would be much appreciated, thanks all


  • Can't write it yourself unless u know what you're doing (it doesn't sound like it)

    I'm pretty sure u could buy a template online (looks like that's what my accountant did and filled in some important blanks) , but u may want to put some serious consideration into this and at least get some advice from an accountant or lawyer.

    • How much did the accountant cost?

      • Not that cheap
        They'll probably charge u a consultant (some first meetings are free) but to write up a trust deed could range… But I'd suggest we're talking thousands rather than hundreds

        Trust deeds are written up by solicitors if im not mistaken so the accountants usually engage a solicitor to do it (or get a template from a solicitor)

        I did mine years ago, but I don't think it was less than 3k

  • I believe tax is complicated for minors who invest, some tax rates are very high for minors to prevent adults hiding their incomes in their children's names. You might need an accountant

  • Just set it up under a parents name then transfer once youre 18

    • Yep ..this.
      Much simpler solution

      Unless you're investing $100k+, in which case, you wouldn't be asking what an accountant costs.

    • Not a good idea if the parent is a higher rate taxpayer.
      Also not possible to transfer the account when you're 18 as the shares may have to be sold and then bought again.
      There's also the issue of Capital Gain tax at the time of transfer.
      You should set up the account with the parent named as the legal owner/holder and the minor needs to be shown as the trust beneficiary.
      Read the articles linked in my post below

  • I agree with the above.
    U can setup a trust anytime, if u don't have a real need… Then do it later

    Real need examples = tax strategies, asset protection

  • Alright thanks all-will just leave in parents name

  • SelfWealth will not let you set up a trust account for a "minor" (under 18 y/o).
    I asked them this exact question last October when trying to set up an account for my 15 y/o who got a small inheritance from his grandparents
    After a lot of looking I found there's not much out there to help you, but these two articles are of interest.
    What I did find out is that it is possible to set up a trust account for a minor, but you need to go to BigBank Inc to do so.
    I found Westpac and Commonwealth both offer this.
    The downside is that you have to pay their trading fees, which are quite a bit higher than S/W.
    If you go ahead, check with the bank first to make sure you set up the account correctly in the first place

  • If parents have decent income maybe look for a poor relative like your grandma etc
    Give her 2% Annual + 20% performance bonus

    ***not financial advice

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