Question 1

Upgrade of Existing Leading Member Discretionary Trust

Accepted Answer

This LYD template allows trustees and leading members to update their existing Leading Member Discretionary Trust Deed to the latest version of the Leading Member Discretionary Trust Deed. The update ensures the trust remains compliant with new legal standards and regulatory changes, focusing on trust governance, asset protection, and tax obligations. By using this template, trustees can seamlessly transition to the most current trust structure, maintaining the trust's effectiveness in protecting family wealth from external risks while adhering to the latest legal requirements. ► $129.00 (inc GST) - OR provided under your unlimited membership ► The master document has been signed off by LY Legal and is congruent with Australian law.

Question 2

What is a Deed of Variation for a Leading Member Discretionary Trust?

Accepted Answer

A Deed of Variation is a legal document that allows trustees to update or modify the terms of an existing Leading Member Discretionary Trust. This ensures that the trust remains compliant with current laws and continues to meet the needs of the beneficiaries.

Question 3

Why do I need to update my Leading Member Discretionary Trust?

Accepted Answer

Updating your trust is crucial to ensure that it complies with the latest legal and regulatory requirements. This helps maintain the trust's effectiveness in asset protection, governance, and tax compliance.

Question 4

How long does this document take to assemble?

Accepted Answer

Depending on the complexity of the data, this document should take approximately 5-10 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts .

Question 5

Stamping and Lodgement of Trusts

Accepted Answer

The fees and stamping requirements for establishing a trust deed vary throughout Australia, and the duty payable also varies depending on the type of property that is held by the trust. Please contact our partners at Eventum Optimum (EO) on info@eventumoptimum.com.au for more information on when stamping is required (in what jurisdictions) and the fees/duties payable. EO are able to provide this service to you.

Question 6

Is this document a legal document?

Accepted Answer

All master documents have been signed off by LY Legal. Tony Anamourlis of LY Legal advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LightYear Docs platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LYD platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”

However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by LY Legal.

The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:

“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”

Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.

Question 7

Upgrade of Existing Leading Member Discretionary Trust

Accepted Answer

This LYD template allows trustees and leading members to update their existing Leading Member Discretionary Trust Deed to the latest version of the Leading Member Discretionary Trust Deed. The update ensures the trust remains compliant with new legal standards and regulatory changes, focusing on trust governance, asset protection, and tax obligations. By using this template, trustees can seamlessly transition to the most current trust structure, maintaining the trust's effectiveness in protecting family wealth from external risks while adhering to the latest legal requirements. ► $129.00 (inc GST) - OR provided under your unlimited membership ► The master document has been signed off by LY Legal and is congruent with Australian law.

Question 8

Is the document easy to read?

Accepted Answer

All LYD products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lyd.com.au.

Question 9

Are the LYD documents reviewed regularly?

Accepted Answer

All LYD documents form part of the LYD internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.

Question 10

Can I get a sample of this document?

Accepted Answer

Yes, please email support@lyd.com.au to request a sample document for you to review.

Question 11

What lawyers sign off on the LYD Discretionary Trust?

Accepted Answer

All LYD documents are prepared and signed off by LY Legal.