Why change Family Trust Name?
QUESTION: If the Family Trust name doesn’t really do anything why change it? It is not registered anywhere. It is just a nickname to help the Accountant, who may be looking after 100s of other Family Trusts, identify mine a bit quicker? Why change Family Trust Name?
ANSWER: There are many reasons why you may want to update or change your Family Trust Name:
1. correct spelling errors (e.g. Smitth Family Trust)
2. husband has died (e.g. Coral & Ted Smith Family Trust)
3. wife has divorced you (e.g. Joanne and John Lee Family Trust)
4. name is not as clever as you first thought (e.g. Scrooge McDuck Family Trust)
5. name may upset the ATO (e.g. Get out of Tax Family Trust)
6. your parents may have died
7. you may want to not be so obvious that the Family Trust is also a ‘Service Trust‘ for your main business (e.g. Williams Service Trust)
Any stamp duty or taxation issues?
There are no taxation issues when you update the Family Trust name. With every document, you build on our website you get a letter on our law firm’s letterhead. The letter confirms there are no taxation issues when you correct the Family Trust name.
We are Australia’s only law firm providing legal documents online. Benefit from:
1. law firm PI insurance
2. legal professional privilege
3. free legal advice as you build document online
4. document sample with explanatory notes
5. law firm letter confirming we authored the document.
Telephone us. We can help you answer the questions to correct the Family Trust name.
Adjunct Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, Dip Ed, BArts(Hons), LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors
National taxation and trust law firm
39 Stirling Highway, Nedlands, WA
Mobile: 0477 796 959
National: 1800 141 612
Direct: 08 6389 0400
2. Or do a complete update for Bamford streaming PLUS update the entire Deed:
3. Or update for Bamford streaming PLUS the Deed PLUS update the Appointor & Trustee:
To set up a new Family Trust Deed:
To prepare the Annual Trust Distribution Minutes:
1. To deal with Division 7A (loan from your company to the Family Trust):
2. Or, to forgive the ‘loan account’ and UPEs (loans from humans to Family Trust):
To wind up and vest the Family Trust, when you no longer want it: