Trusts 2012

Reviewing family trust deeds - It's not just about tax!

Source: Taxation In Australia Journal Article

Published Date: 1 Aug 2012


Recent developments in the taxation of trusts have focused attention on a perceived need to review and update family discretionary trust deeds. However, there are other, and arguably more important, reasons than tax considerations for reviewing trust deeds. This article demonstrates that the proper review and updating of family discretionary trust deeds is an extremely technical and painstaking task which should not be driven solely by tax considerations, but by the need to ensure that the trust deed is also satisfactory having regard to other important issues, such as validity at trust law, asset protection issues and succession issues.

A review should be undertaken in relation to all trust deeds, even recently drafted deeds, if there is any suspicion that any of these important issues may not have been properly addressed. Finally, the author argues that such a review must only be undertaken by a lawyer with the requisite qualifications, expertise and practical experience.

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Trusts 2012

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