Guardian & Appointor update for Family Trust

The Guardian & Appointor can be updated and changed for many reasons. People may wish to retire as an Appointor & Guardian. Perhaps you would like to add your spouse as an additional Appointor & Guardian.  The Appointor & Guardian Update:

* removes Appointors & Guardians
* removes dead Appointors & Guardians
* confirms remaining Appointors & Guardians

Dead Appointors?

Example: Mum and Dad are the Appointors. Mum dies. Dad continues as the Appointor. Dad is happy to control the Family Trust by himself. Nothing in the Trust Deed or Mum’s Will states anything different. Therefore, all Dad is doing in the Appointor Update is formally removing Mum as Appointor. Mum’s executor or next of kin signs on Mum’s behalf. The Family Trust may have a system or procedure for dealing with dead Appointors.

Any Stamp Duty or CGT?

Stamp Duty is payable when assets are transferred from one person to another person. Capital Gains Tax is payable when you ‘dispose’ of an asset. However, by changing the Appointors you do neither. The class of beneficiaries remains the same. There is no change to the object or purpose of the Family Trust. There is generally no Stamp Duty or CGT payable in Australia.

Trustee vs Appointor

Who is in charge? Is it the Trustee that ‘owns’ the assets? No, the Appointor is god. The Appointor bosses the Trustee. The Trustee looks like it is in control, as it has the assets in its name. However, the Trustee takes it marching orders from the Appointor. The Appointor can sack the Trustee on a whim, for no reason at all. For example, the Trustee has nothing to do with this Deed of Variation. The variation relates to the Appointors only. The Trustee is not even party to the Deed of Variation.

Telephone us as you build the Appointor Update. We can help you answer the questions

Adjunct Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, Dip Ed, BArts(Hons), LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors
Australia wide taxation and trust law firm
Mobile:     0477 796 959
Direct:      08 6389 0400
National: 1800 141 612
Email: brett@legalconsolidated.com

See also:

1. Update the Family Trust just for Bamford streaming only:

2. Bamford streaming PLUS update the rest of the Deed:

3. Or update for Bamford streaming PLUS the Deed PLUS update the Appointor & Trustee:

4. Or just update the Trustee:

5. Or just update the Appointor:

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):

Change the name of your Family Trust:

To wind up and vest the Family Trust, when you no longer want it: