Trusts

 

 

What type of trust can you help me establish, for asset protection or other purposes?

We can prepare a discretionary (family) trust or unit trust or other types of trusts that are tailored to your individual circumstances and requirements, include additional provisions, classes of beneficiaries or classes of units (such as income only units or voting and non-voting units) that are appropriate to your needs and provide legal advice on the documentation and its suitability for your circumstances. We prepare all the required documentation including the Trust Deed, relevant minutes and trust records. We can prepare documentation to establish fixed unit trusts for land tax purposes in NSW, trusts for superannuation borrowing purposes, fixed or bare trusts over assets or cash and documentation to set out the relevant circumstances, powers and obligations for a trust that has been created under a will.

 

If you wish to establish a trust we would recommend you seek legal advice so that the parties can do their best to be assured that the proposed trust meets their requirements. We provide legal advice on the trust structure you wish to establish including any limitations or complications that may arise, such as for a trust with sole individual trustees or corporate trustees with a sole director and sole Trustee/Appointers, or a unit trust with a self managed superannuation fund unit holder.

 

I want to change the Trustee of my Trust, change the name of my Trust, appoint or remove beneficiaries or unit holders, change the Appointor of my Trust and include an additional clause in my Deed that the bank has requested. What do I do?

We prepare documentation to appoint and remove Trustees or Appointors of a trust. The terms of the existing Deed must be carefully read to ensure they are complied with and the change is effective. We will also draw your attention to any limitations that may be contained in your Deed on the change and, depending upon the terms of our engagement, any relevant stamp duty issues. We can also appoint and remove beneficiaries and will draw your attention to stamp duty or taxation issues that may arise because of this (such as issues relating to a resettlement of the trust). We can provide advice on the issue or redemption or transfer of units; and once we have seen a copy of the Deed we can prepare the required documentation for these changes to take place. We can also vary your existing Trust Deed including by a change of name and if you provide us with a copy of the Deed and details of your request for variation we can advise you if the variation requested is permissible under your Deed, of any complicating factors that may arise and prepare documentation for these amendments to take place. You can download a copy of our instruction form from this website and email us with a copy of the Deed for further information.

 

What do I do if my trust deed was established but there is a spelling error in the name of one of the parties?

If you email us a copy of the Deed we can provide advice on the best way to proceed. Usually a spelling error can be amended by Deed of Confirmation or Variation of the Trust.

 

Can I change my unit trust to become a fixed trust for land tax purposes in NSW?

An amendment or restructure of a unit trust to become a fixed trust for land tax purposes in NSW is possible however there are various stamp duty and taxation consequences to consider.

 

I have lost my trust deed. Can you help me?

Where a trust deed has been lost there are several options including relying on the Trustee Act in your jurisdiction or, in some instances, by specific documentation. Contact us for more information.

 

I need a trust so that my self managed superannuation fund can borrow; my bank has told me I need a bare trust. Can you prepare this Trust?

A trust for the purposes of superannuation borrowing under the SIS Act is not necessarily a bare trust per se, as it is subject to the terms of the loan made to the superannuation fund by the financial institution. We provide a trust for this purpose and associated documentation, including advice on the structure and which entity to name on the Contract. The Trustee of this trust is recommended to be a new company. It may also be the case that the Governing Rules of your Fund need to be amended as the existing Deed may not provide for this type of borrowing. You can download an instruction form from this website and return it to us with a copy of the Governing Rules of your Fund for more information.

 

What is the stamp duty payable on my trust Deed or Amending Deed?

The answer will depend on the Deed in question and the State or Territory you are in. Please see the links section of our website for links to the State Revenue websites in each jurisdiction which may provide further information.