Most trust deeds & constitutions have clearly defined entitlements for beneficiaries, members or shareholders. Using a template of an Australian family trust deed, this webinar highlights the contrast that are Australian family trust deeds, with the trustee having very wide discretionary powers, subject however to the many constraints imposed by income tax, bankruptcy, family and succession laws.
Family trust deeds – setting out key roles
· Settlor – exclusion from ongoing benefit
· Trustee, appointor & guardian
· Class of potential beneficiaries & other key definitions
Trust income & capital provisions
· Requirement for trustee income resolution by end of each financial year
· Power to distribute trust capital, pre vesting of trust
· Vesting of trust
Trustee powers
· Benefits other than income or capital, eg use of trust property
· Investment powers
· Borrowing & loan security powers
Amendments to trust deed
· Power to amend – just trustee v trustee with appointor’s consent
· Ensuring shared control by 2nd generation
· Rights of use, eg trust owned beach house, farmlet or ski lodge
CPD hours: 1.5 Price: $129 for member, $155 for non-member Certification is provided upon completion
Presented by: Allan Swan