The MV difference
At MV Law, we can help you through each stage of the life of a trust, including:
- Setting up trusts and advising on trustee duties;
- Advising on trust law and self-managed super funds (SMSFs);
- Drafting Trust Deeds, including where the trustee is a corporate trustee;
- Reviewing and updating Trust Deeds; and
- Advising on winding up trusts.
It can sometimes be easy to overlook key parts of the Trust Deed because of all the ‘legalese’. A generic trust document may sound like a good idea at first, however, such a document is unhelpful if it is too broad and where trustees can do almost anything. Trustees need to be provided with specific and clear direction in relation to how they should deal with assets.
It’s important to ensure that your Trust Deed is regularly reviewed every 1–2 years and if necessary updated in light of new legislation and new investments, such as digital currency. Trust deeds which are out-of-date could result in significantly adverse effects on the beneficiaries and potential monetary penalties. Any amendments need to be made in accordance with the variation power in the Trust Deed. Our experts trust deed lawyers can help ensure your Trust Deed is kept current.