No matter how old or “new” it is, ALL Family Trust Deeds Need to be Reviewed!

Here are just a few compelling reasons why:

• Many even “new” trust deeds are prepared by non-specialist lawyers using an old precedent that may pre-date CGT and fail to recognise the difference between “accounting” vs. “tax” income;
• Many even “new” trust deeds will pre-date income recognition and streaming (especially the latest tax laws on income streaming);
• The trust itself may be near the end of its useful life – especially as many older trust deeds have specific, shorter “Perpetuity periods” that are often much less than 80 years;
• The trust deed may not provide the level of asset protection that you think it does – especially where there are “Default Beneficiaries” and unlimited Trustee Indemnities;
• The trust deed may be too inflexible – especially regarding the Power of Appointment or Power to Amend or Update the trust deed;
• The trust deed may have been poorly or incorrectly drafted – for instance, it may contain the Wrong parties! (Or worse – it may be completely invalid from the start!);
• The trust deed may simply not say what you think it does – especially as regards Who are the beneficiaries, or the Exclusion of Notional Settlors, or the Powers of the trustee to recognise, allocate and / or distribute different categories of income and expenses.

The WillWorks^® Trust Review Service

WillWorks^® can Expertly review and (where possible without resettlement) update an existing family trust deed to:

• incorporate a comprehensive and flexible definition of income (providing so-called “Bamford compliance”);
• insert comprehensive and flexible income streaming and expense allocation powers to ensure that the trust can take advantage of the latest streaming tax laws; and
• insert special “crisis protection” and succession provisions to enhance the asset protection and estate planning aspects of the trust.

This service is carried out by a fully qualified, properly experienced Expert Trusts, Taxation and Estate Planning Lawyer, and can give you the peace of mind of knowing that your family trust deed is as up to date as possible – or if the trust deed cannot be updated or has other significant problems, you can make informed decisions regarding the future of the trust and its assets.

For more information about the WillWorks^® Trust Review Service, please contact us to discuss your needs.

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