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      20 September 2022 - Your Discretionary Trusts and SMSFs are Dangerous

      Why and How to Upgrade

      The recent case - Owies v JJ Nominees Pty Ltd [2022] VSCA 142 saw the trustee of a discretionary trust removed because they did not properly consider how to distribute amongst all beneficiaries named in the trust deed.  This has led to an outpouring of articles on how discretionary trusts are no longer discretionary.  In our upcoming LightYear Training Group webinar, Grant Abbott – CEO of LYTG will outline the dangers, the feed in problems with trust resolutions and offer a solution on how to create a modern discretionary trust that offers real discretion without being hampered by the Owies decision.  Grant will also look at how to upgrade client deeds efficiently and without a resettlement.  For any accountant who has a discretionary trust themselves or has clients with a discretionary trust this is a vital session with real solutions.

      Likewise, the SMSF binding death benefit nomination decision in the High Court in Hill v Zuda Pty Ltd [2022] HCA 21 once again shows the weaknesses in many SMSF deeds along with the perils of a sole member of a SMSF dying and leaving behind a non-complying super fund because there is no effective trustee.  Grant will also look at how to upgrade a SMSF deed to ensure effective death benefit nominations that stick and how to ensure that the SMSF trusteeship continues in times of death, rather than being rudderless and non-complying without a trustee per section 19 of SISA 93.

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