Forums / Getting Technical / Legal & Accounting / Standard Trust Deeds

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  • Profile photo of SebastianSebastian
    Member
    @sebastian
    Join Date: 2003
    Post Count: 55

    Hi everyone,

    Just wondering, is there a standard template trust deed (like a standard sale contract) that accountants / solicitors use or are all trust deeds created from sratch?

    Has anyone ever used http://www2.cleardocs.com for the creation of a trust deed or other legal document? If so, what are they like?

    Basically, I am doing my trust / company structuring homework at the moment, and I was to be as well informed as I can before I go see my accountant to create one for me!

    Many Thanks

    Sebastian

    Profile photo of aussiemikeaussiemike
    Participant
    @aussiemike
    Join Date: 2004
    Post Count: 66

    Some good basic legal documents can be purchased from http://www.lawcentral.com.au. Cleardocs also provides good documents.

    Profile photo of SebastianSebastian
    Member
    @sebastian
    Join Date: 2003
    Post Count: 55

    aussiemike,

    You say basic legal documents. Is that to say they just use basic templates and that the trust deed or whatever you are need would more than likely need to be added to by your solicitor or accountant to “personalize” it for your situation??

    Has anyone used these services and are happy with them?

    Regards

    Sebastian

    Profile photo of aussiemikeaussiemike
    Participant
    @aussiemike
    Join Date: 2004
    Post Count: 66

    Sebastian,

    Basic means just that. They cover general situations. You will fill out information as you go along. However if you know nothing about trusts then I suggest you see an accountant and/or lawyer. These documents will be effective for most individuals but without knowing your personal circumstances it is difficult to know whether they would be effective for you.

    As an example they offer a basic will kit. For most people this is great but if you want to create a testamatory trust to handle your estate on your death then that needs to be included in your will. A lot of basic will kits do not include that provision. So like I said it will fit most people but may not be the best for your situation.

    Profile photo of SebastianSebastian
    Member
    @sebastian
    Join Date: 2003
    Post Count: 55

    Thanks aussiemike,

    May sound like stupid questions, but I want get as best of an understanding of this as I can!

    I will definately be going through an accountant, as they may be able to bring up situations etc that I may have not considered.

    Do you know if I can get a hold of a basic trust deed so I know what they look like and what is on them? Just to satisify my own curiosity!

    Thanks for your responses!

    Sebastian

    Profile photo of aussiemikeaussiemike
    Participant
    @aussiemike
    Join Date: 2004
    Post Count: 66

    Sebastian,

    No problems. The world of companies and trusts are actually quite complex. Some people think they are simple but then add a family member later on and get caught out by the value shifting provisions. Nasty.

    Ok. Let’s assume you want to create a family trust then http://www.lawcentral.com.au has a good family trust deed that you can use to take along to your accountant. He may make no changes to the document (in fact he probably won’t) but it will be a good start and I think it will set you back around $200-$300 from memory. Cleardocs may also have one as well. You want to discuss a discretionary trust (operating as a family trust) with your accountant.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,173

    I have created a trust for a business using lawcentral for $275 and it is working ok so far!

    Terryw
    Discover Home Loans
    North Sydney
    [email protected]

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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