Successor Director, Leading Member, Trustee Company and Non Foreign Persons

Does the Successor Directors pack work for Leading Member Corporate Trustees?

If I have a client with several companies, some trading and some as trustees, can you use the same document? (I saw the one on the webinar which can do several but I can’t find it when I log in…) 

You can do several at the same time but only if you are a Strategist or Licensee - hassle our sales team on this.  This is an automation compared to single Successor Directors for PAYG members.  

Can these Trustees then be Trustee for any of your Trusts?

No as SMSF trustee companies have a special constitution from discretionary trusts

Does the Trust Deed also need to be upgraded for this to work if we have an existing Trust?

No but it does not hurt to do so and highly recommended if the trust is greater than three years old. Plus it is resettlement proof.

If we do the successor director upgrade is an EPOA also required?

No but you can do the Successor Director inside the EPOA - preferred is the Successor Director solution

Are the Leading Member Trust Deeds also Non-Foreign person Deeds?

There is a special purpose LM non foreign person deed.

How do we get Trust Deeds done based in SA if we are in NSW or QLD? 

Choose the jurisdiction as SA. Location of the trust is based on jurisdiction choice and if no choice then it is where the trustee resides or the property of the trust is situate. 

Please be advised this is general information only, and is not to be taken as legal advice. If you would like more information, or have a legal query, please contact Abbott & Mourly directly.
Reviewed: 17/01/2024