Question 1

Why use the LightYear Docs SMSF Trust Deed?

Accepted Answer

The LightYear Docs SMSF Trust Deed is the latest and best SMSF trust deed authored by Grant Abbott. It covers a multitude of modern strategies and SMSF Estate Planning. It works well with the special purpose company constitution and perfect to upgrade as a two-fold structure.

Question 2

Can my existing SMSF Trust Deed be upgraded to a LightYear Docs SMSF Trust Deed?

Accepted Answer

Absolutely! HOWEVER you will need to use the LightYear Docs Deed of Variation product. And there is no resettlement, capital gains tax or stamp duty issues, if it is completed correctly. However, if you would like it completed by our lawyers, please contact support@lightyeardocs.com.au.

Question 3

How long does this document take to assemble?

Accepted Answer

Depending on the complexity of the data, this document should take approximately 30-50 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 4

Do you have a data capture form I can use?

Accepted Answer

Yes. It is available here: https://info.lightyeardocs.com.au/supportcentre/data-capture-form-standard-smsf-establishment

Question 5

Is this document a legal document?

Accepted Answer

All master documents have been signed off by Abbott & Mourly lawyers. Tony Anamourlis of Abbott & Mourly 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 LightYear Docs 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 Abbott & Mourly.

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 6

Is the document easy to read?

Accepted Answer

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

Question 7

What lawyers sign off on the LightYear Docs documents?

Accepted Answer

All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.

Question 8

Are the LightYear Docs documents reviewed regularly?

Accepted Answer

All LightYear Docs documents form part of the LightYear Docs 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 9

Can I get a sample of this document?

Accepted Answer

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

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SMSF Establishment Trust Deed