Deed of Vesting Unit Trust

• The LightYear Docs Unit Trust Vesting Document is for unit trusts and not superannuation funds or discretionary trusts that can be found in the LightYear Docs product listing.
• Simple and easy to use
• Legal advice can be obtained from Abbott & Mourly if needed.
• It is important to prepare accounts and determine the capital amounts and distributions to be paid to capital beneficiaries.

Frequently Asked Legal Questions

What is the Vesting process?

The first step is to complete the Unit Trust vesting interview and get it executed by the Trustee and the unitholders.  Then the Trustee should

• prepare any financial statements, income tax returns and any other accounts as required under trust law and any regulator;
• pay out or otherwise discharge and satisfy all debts and liabilities in relation to the Trust;
• distribute or otherwise deal with the income of the Trust in any manner expressly provided by this deed and any income not so dealt with shall form part of the capital of the Trust;
• distribute or otherwise deal with the capital of the Trust in any manner expressly provided in the deed; and
• to the extent to which the capital of the Trust shall not have been so distributed or dealt with, the trustee shall stand possessed of so much as remains of the trust fund for the benefit of current unitholders or their assigns.

However, if you would like legal advice to that effect contact our legal team – tanamourlis@tgalegal.com.au

What lawyers sign off on the LightYear Docs Unit Trust Vesting ?

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

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.  

Is the LightYear Docs Discretionary Trust Vesting 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.

Are the LightYear Docs documents reviewed regularly?

All LightYear Docs documents form part of the LightYear Docs internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website 

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.

Can I get a sample of this document?

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