ByLawyers News and Updates

New Publication – Trusts Guide – FED

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By Lawyers have a comprehensive new Trusts Guide.

The new guide contains commentary and precedents for establishing a new trust, amending an existing trust, or bringing a trust to an end through vesting or termination.

This new publication is a substantial enhancement of the previous trusts section in our Companies, Trusts, Partnerships and Superannuation guide.

The new detailed Trusts Guide deals with the various types of trust structures, including:

  • Discretionary trusts;
  • Fixed unit trusts;
  • Non-fixed unit trusts;
  • Hybrid trusts;
  • Charitable trusts; and
  • Special disability trusts.

The commentary discusses important issues affecting the use of trusts including:

  • The financial planning and asset protection merits of different trust structures;
  • The rights and obligations of beneficiaries, unit holders and trustees, including corporate trustees;
  • Taxation requirements including income tax, land tax and trust loss provisions; and
  • Common dispute resolution methods.

The new guide also contains many essential and useful precedents such as:

  • A unit trust deed that meets the requirements of a fixed trust for land tax and loss-streaming purposes;
  • A unit trust deed creating multiple classes of unit holders;
  • A discretionary trust deed;
  • A combined unit holder and shareholder agreement;
  • A hybrid trust deed;
  • A charitable trust deed;
  • A special disability trust deed; and
  • Numerous supporting documents, such as deeds of amendment.

The new Trusts Guide is available to LEAP companion product subscribers through the Guides and Precedents button in a LEAP matter, or to By Lawyers website subscribers as part of the Companies, trusts, partnerships and superannuation guide.

Wills – Testamentary discretionary trusts

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The commentary on testamentary discretionary trusts in our Wills publications now has a more in depth discussion of:

  • the benefits of testamentary discretionary trusts;
  • when a testamentary discretionary trust is appropriate;
  • family trust elections.

There are several By Lawyers precedent wills which create testamentary discretionary trusts for individuals and spouses, as well as a library of testamentary discretionary trust clauses. These precedents can be used to establish a single testamentary discretionary trust for all assets and beneficiaries of the estate, or multiple testamentary discretionary trusts for specific beneficiaries. They can also be used to establish additional testamentary discretionary trusts to provide protection for specific assets such as quarantining a family business or to allow for the particular needs of an individual beneficiary due to say drug addiction.

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