Wind up Family Trust – how to get rid of a Discretionary Trust
Vest Family Trust for Centrelink? Wind up and get rid of a Discretionary Trust
You have finally retired and applied to Centrelink for a pension. Unfortunately, Centrelink takes issue with the fact that you have an old discretionary trust that was created 30 years ago. It hasn’t been used for years. There is no money left in it. The trust has a nil value. It has no assets and no debts. What can you do? You need to formally wind up (vest) the trust to close down this unused structure. Build this Vesting a Discretionary Trust deed on our law firm’s website.
Every year, you pay to prepare Trust tax returns for trusts that are no longer in use. Perhaps your Trust was set up for a specific purpose. But that time has passed.
Wind up family trust for Centrelink?
Have you finally retired and applied to Centrelink for a pension? Unfortunately, Centrelink takes issue with the fact that you have an old family trust that was created 30 years ago. Your discretionary trust hasn’t been used for years. There is no money left in it. The trust has a nil value. It has no assets and no debts. What can you do? You need to formally wind up (vest) the trust to close down this unused structure. Build this Vesting a Discretionary Trust deed on our law firm’s website.
You have an old Family Trust. Your accountant or financial planner suggests that it is more trouble than it is worth. Vesting a Family Trust is simple and straightforward. Just build this Vesting a Family Trust deed.
• The old Family Trust has achieved its original purpose
• The discretionary trust has no assets (if it has debts do a Debt Forgiveness Deed first)
• The controllers of the trust don’t want to continue
• The trust has reached its vesting date
1. Distribute any capital that is left
2. Build a Debt Forgiveness Deed to forgive loans and Unpaid Present Entitlements owed to beneficiaries
3. Prepare any outstanding tax returns
4. Build and sign the Vesting a Discretionary Trust Deed and the minutes
Build this Wind up Family Trust deed on our website. You get:
1. Vesting a Discretionary Trust deed (just print and sign)
2. Minutes for your Accountant’s due diligence file
3. law firm Letter of Advice
Have a look at the Sample document and there are many training videos and hints to help you as you build the document.
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:
Instead, 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. Centrelink
Adjunct Professor, Dr Brett Davies, CTA, AIAMA, BJuris, LLB, Dip Ed, BArts(Hons), LLM, MBA, SJD
Legal Consolidated Barristers and Solicitors Centrelink
National Australian law firm Centrelink
National: 1800 141 612
Mobile: 0477 796 959
Email: [email protected]