SMSF Will with Death Benefits Protection Trust

The LightYear Docs SMSF Will with Death Benefits Protection Trust, encompasses the requirements under the Fund’s LightYear Docs Trust Deed. It enables the member to incorporate sophisticated estate planning including specific bequests, lump sums and reversionary pensions. Further, it comes with an option to create a testamentary trust directly out of the Fund. This Will has the trust deed of the Death benefit trust attached to the Schedule laying down the terms and conditions of the Trust created under the SMSF Will.

► Provided under Strategist membership.

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

General Information

The SMSF Will provides a set of instructions, in a similar fashion to a Will (but for superannuation benefits in a SMSF only) that provides more than six different options and conditions; including the Fund’s adviser, specific bequests, pensions and an option for a SMSF Death Benefit Trust with its Trust deed attached to the Schedule laying down the terms and conditions of the Trust created under the SMSF Will .

Can I use my current Deed for the SMSF Will?

The SMSF Will may be used in other deeds that provide for it. It is expressly covered in the LightYear Docs SMSF Deed and also Leading Member SMSF Deed and we suggest that as the LYD deed is built for 2023 that any current deed be upgraded as part of the process. Please purchase the LightYear Docs Deed of Variation document to complete this process. 

• The SMSF Will provides a set of instructions, in a similar fashion to a Will (but for superannuation benefits in a SMSF only) that provides more than six different options and conditions; including the Fund’s adviser, specific bequests, pensions and SMSF Death Benefit Trusts.
• The Death Benefit Protection trust with the trust deed built into the Will ensures that the benefits are paid into a trust directly by the Trustee bypassing the legal estate of the deceased, ensuring that it is safe from family provision claims.
• The trust also ensures future asset protection for the death benefit beneficiary and ensures to keep the assets safe from any family law action.
• It has favourable taxation status for minors who are to be taxed as adults.
  
  

Frequently Asked Legal Questions

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.

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.

Can I use my current Deed for the SMSF Will?

The SMSF Will may be used in other deeds that provide for it. It is expressly covered in the LightYear Docs SMSF Deed and also Leading Member SMSF Deed and we suggest that as the LYD deed is built for 2023 that any current deed be upgraded as part of the process. Please purchase the LightYear Docs Deed of Variation document to complete this process.

What happens on the Vesting of the death benefit protection trust or the death of the Principal Beneficiary of the death benefit protection trust?

The capital in the Trust must be returned to the death benefit beneficiary if the Trust winds up or vests and in the event of the death of the death benefit beneficiary it is to go to their estate.

How long does this document take to assemble?

Depending on the complexity of the data, this document should take approximately 15-30 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.