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About Product
This LYD template allows trustees and leading members to update their existing Leading Member Discretionary Trust Deed to the latest version of the Leading Member Discretionary Trust Deed. The update ensures the trust remains compliant with new legal standards and regulatory changes, focusing on trust governance, asset protection, and tax obligations. By using this template, trustees can seamlessly transition to the most current trust structure, maintaining the trust's effectiveness in protecting family wealth from external risks while adhering to the latest legal requirements.
► $129.00 (inc GST) - OR provided under your unlimited membership
► The master document has been signed off by LY Legal and is congruent with Australian law.
General Information
A Leading Member Discretionary Trust is a flexible structure used to protect family wealth and manage assets. Over time, legislative and regulatory updates may require modifications to the trust deed to ensure it continues to operate effectively and within the law. This Deed of Variation specifically updates the trust to the Latest Leading Member Discretionary Trust standards, incorporating the newest provisions for trust governance, asset protection, and tax compliance. Trustees should regularly review and update their trust deeds to adapt to legal changes and ensure they are meeting their fiduciary duties and protecting beneficiaries' interests.
Benefits
- Ensures Legal Compliance: Keeps the trust in line with the latest legislative and regulatory requirements, avoiding potential legal issues.
- Enhanced Asset Protection: Updates provisions to better protect family wealth from external risks, including litigation and regulatory challenges.
- Improved Governance: Incorporates the most recent governance standards, ensuring the trust operates efficiently and in the best interests of beneficiaries.
- Tax Efficiency: Adjusts the trust structure to comply with current tax laws, potentially reducing tax liabilities and optimizing the trust’s financial management.
- Flexibility and Future-Proofing: Provides the flexibility to adapt to future changes in the law, ensuring the trust remains relevant and effective over time.
Frequently Asked Legal Questions
What is a Deed of Variation for a Leading Member Discretionary Trust?
A Deed of Variation is a legal document that allows trustees to update or modify the terms of an existing Leading Member Discretionary Trust. This ensures that the trust remains compliant with current laws and continues to meet the needs of the beneficiaries.
Why do I need to update my Leading Member Discretionary Trust?
Updating your trust is crucial to ensure that it complies with the latest legal and regulatory requirements. This helps maintain the trust's effectiveness in asset protection, governance, and tax compliance.
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 LY Legal lawyers. Tony Anamourlis of LY Legal advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LYD 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 LYD 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 LY Legal.
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 LYD products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lyd.com.au.
What lawyers sign off on the LYD documents?
All LYD documents are prepared and signed off by LY Legal.
Are the LYD documents reviewed regularly?
All LYD documents form part of the LYD 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 get a sample of this document?
Yes, please email support@lyd.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 jurisdictions) and the fees/duties payable. EO are able to provide this service to you.