Bare Trust

About Product

A person or entity may act as an agent or nominee for another person or entity in relation to the acquisition of property. This may involve using funds from the end acquirer to buy property.

This Declaration of Trust provides that the acquirer is holding the property for the sole and exclusive use of the ultimate beneficiary.

► $129.00 (inc GST) - OR provided under your unlimited membership

► The master document has been signed off by Abbott & Mourly and is congruent with Australian law.

General Information

A Declaration of Trust is a deed that evidences a trust relationship between the acquirer of an asset or property and the ultimate owner or beneficiary. Often known as a bare trust it is the core of a limited recourse borrowing arrangement.

However it is advised this is not used for an LRBA as the Bare Trust would require a Special Bare Trust.

Benefits

Provides flexibility in relation to the acquisition of property.
Nominee or agent acts on behalf of the real owner.
Perfect for auctions or where the ultimate owner needs to be shielded.
Bare trust only

Frequently Asked Legal Questions

Why use the LightYear Docs Bare Trust?

The LightYear Bare Trust is a simple trust that has extensive asset protection.

Can it be terminated?

At some stage, the Trustee of the original asset may transfer the asset to the beneficiary and this will wind up the Trust. However, if you would like legal advice to that effect contact our legal team – info@abbottmourly.com.au

Is the LightYear Docs Declaration of Trust reviewed regularly?

All LightYear Docs documents form part of the LightYear Docs internal document review cycle. All documents are scheduled to be reviewed at least annually or when required to do so due to changes in legislation. The LightYear Docs review cycle ensures all of our documents remain current and accurate.

How long does this document take to assemble?

Depending on the complexity of the data, this document should take approximately 5-10 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts .

Is this document a legal document?

All master documents have been signed off by Abbott & Mourly lawyers. Tony Anamourlis of Abbott & Mourly advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LightYear Docs platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LightYear Docs platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”

However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by Abbott & Mourly.

The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:

“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”

Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.

Is the document easy to read?

All LightYear Docs products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lightyeardocs.com.au.

What lawyers sign off on the LightYear Docs documents?

All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.

Can I get a sample of this document?

Yes, please email support@lightyeardocs.com.au to request a sample document for you to review.

Stamping and Lodgment of Trusts

The fees and stamping requirements for establishing a trust deed vary throughout Australia, and the duty payable also varies depending on the type of property that is held by the trust. Please contact our partners at Eventum Optimum (EO) on info@eventumoptimum.com.au for more information on when stamping is required (in what jurisdiction) and the fees/duties payable. EO are able to provide this service to you.