All Topics / Legal & Accounting / Need Help with Trust Deed

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  • Profile photo of sinnersavedbygracesinnersavedbygrace
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    @sinnersavedbygrace
    Join Date: 2020
    Post Count: 4

    Hi there, does anyone have a sample/template of typical Discretionary Trust (Family Trust) that I can use? I’d be grateful with anything you can help.

    I was advised by my friend who is a tax accountant to set the Trust myself as he thinks it’s pretty straightforward, especially for me, who is also an accountant (but my accounting profession is not the Tax type, I am more of an auditor/financial accountant)

    Thanks in advance for any replies :)

    Best regards,

    Anton

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    I am a trust lawyer – what is straight forward about trusts?

    Here is one question to test you – what happens with the assets in a trust when you die?

     

    Best to seek legal advice.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    https://terryw.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

    Profile photo of sinnersavedbygracesinnersavedbygrace
    Participant
    @sinnersavedbygrace
    Join Date: 2020
    Post Count: 4

    Thanks for your reply @terryw.

    I think what he meant by ‘straight forward’ is that there is a general template that list all the usual clauses for simple Trust structure with few family members as beneficiaries.

    But if you think there is no such thing as general template for Trust Deed, I will have to find a lawyer/accountant to set this up then.

    In regards to your test question, here’s my attemp ;)

    The assets in the trust will go to the primary beneficiaries. And if all the beneficiaries mentioned in the Deed have also died, they will go the nominated charity mentioned in the Deed.

     

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    There is no such thing as a standard trust. There are multiple ways that the deed can be worded and these will have long term affects.

     

    Don’t see an accountant as this is legal work, see a lawyer and get an idea, with their help on how to structure the trust and word the deed.

     

    Answer is not correct – generally. When someone behind a trust dies the trust will keep going without the assets passing. Trusts can last up to 80 years and it would only be when they vest that the assets come out, and who they go to will depend on the wording of the deed. It will probably be one of your grandkids running it by this time.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    https://terryw.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://Terryw.com.au/

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