Update Family Trust Trustee where:
1. Trustee retires
2. Appointors sacks a Trustees
3. Go from a corporate Trustee to a human trustee
4. Go from human to a corporate Trustee (company as trustee)
5. Want a single Trustee only
6. Trustee dead, gone bankrupt or insolvent
One or many Trustees?
Select one of more Trustees. You Accountant or Financial Planner may have a view. From an asset protection point of view, it is better to only have one Trustee. The Trustee is an 'at risk' person. If the Family Trust goes insolvent then the Trustee often goes down with the sinking ship.
Any stamp duty or CGT?
Does your Family Trust own bank accounts, shares and real estate? You transfer these from the old to the new Trustee. There is generally no stamp duty (State law) or Capital Gains Tax (Federal law) on the transfer from one trustee to another. This is especially if you use our Deed. However, NSW and ACT applies stamp duty on the transfer of real-estate.
'Register' the Deed of Variation?
An advantage of Family Trusts over companies is that Family Trusts are mostly unregulated. Companies are over-regulated. You don’t need to lodge your Family Trust or any Deeds of Variation anywhere. However, you do keep in safe custody and with your accountant a complete set of the originals of the Family Trust Deed and Deeds of Variation.
Have a look at the Sample document and there are many training videos and hints to help you as you build the document.
Telephone us as you build the document. We can help you answer the questions.
Update the Family Trust for Bamford streaming only:
Or, update Bamford streaming PLUS update the rest of the Deed:
Or update for Bamford streaming PLUS the Deed PLUS update the Appointor & Trustee:
Or just update the Trustee:
Or just update the Appointor:
To deal with Division 7A (loan or UPE from your company to the Family Trust):
Or, to forgive the 'loan account' and UPEs (loans from humans to Family Trust):
Change the name of your Family Trust:
To wind up and vest the Family Trust, when you no longer want it:
Telephone us for legal advice on building this document.
Adjunct Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, Dip Ed, BArts(Hons), LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors
National Australian law firm
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