Documents included in the Trust Deed Package
- Trust Deed
- Minutes of Directors
- Bank Letter
- Application for Units (if Unit Trust)
- Certificate (if Unit Trust)
- Register of Unit Holders (if Unit Trust)
Delivery Options
Deluxe Binder
Reckon Docs Deluxe Binder package includes all of the above documents printed, collated, bound and presented in a black soft-touch slim two-ring binder with indexes. This register includes 2 bound copies of the trust deed and 1 loose copy of the Trust Deed.
In addition, this register includes various ATO forms to assist the set up of an ABN and TFN.
Space Saver
Reckon Docs Space Saver package includes the above documents are presented in a black slimline box-file. This packaging option includes the essential documentation required to complete the set up of the Trust.
DIY Electronic delivery
Reckon Docs Electronic package includes the above documents e-mailed as a PDF file to a specified e-mail address once the order has been submitted. Adobe Reader is required to open the PDF file.
Discretionary (Family) Trust
A Discretionary Trust, also known as a Family Trust, is generally used for the purpose of a family to hold investment assets or to conduct a family owned business.
The term ‘Discretionary’ is used as the Trustee(s) have the discretion, or choice, to allocate and distribute income and capital to the Beneficiaries. A Discretionary Trust provides flexibility for streaming income and allows for multiple beneficiaries.
Beneficiaries do not have a fixed interest or a fixed entitlement in Discretionary Trust Funds, instead the trustee has complete discretion to allocate the assets and income anyway it chooses. A Hybrid Discretionary Trust is, as the name suggests, a Hybrid of a Discretionary and a Unit Trust, with elements similar to both types of Trusts.
Reckon Docs Discretionary Trusts are compliant with legislation and customised to meet your specific requirements and circumstances. Documentation relating to Discretionary Trusts is prepared, reviewed and maintained by Hunt & Hunt, a leading legal firm in Australia.
Reckon Docs provides updates and amendments to deeds relating to changes in legislation or as a result of specific requirements of the trustee. These updates and amendments are carried out with an independent legal review.
Unit and Fixed Trusts
A Unit Trust and a Fixed Trust are generally used to conduct investment or trading activities between “unrelated” parties.
The structure of a Unit Trust and Fixed Trust is similar to a Company. In a Company members hold shares in proportion to their investment in the Company. Similarly, in Unit and Fixed Trusts, the beneficial interest in the Trust property is divided into Units and beneficiaries (Unit holders) hold a number of Units according to their investment in the Trust.
The essential difference between a Discretionary Trust and a Unit / Fixed Trust is that the beneficiaries of a Discretionary Trust do not have a fixed interest or entitlement to the assets of the Trust whereas in a Unit / Fixed Trust the Unit holders have an entitlement to the capital/income of the Trust in fixed proportion to the number of Units held (depending on the rights attached to each class of Units).
There are two main types of Unit Trusts. Those Deeds which confer a specific interest in the Trust assets and the Trust income to the beneficiaries (called a present entitlement) and which confer a right on the part of the beneficiaries to terminate the Trust. Deeds where the beneficiaries have not conferred a specific interest in the Trust assets, or a right to terminate the Trust, are considered to have no specific present entitlement to the capital, although there may be classes of Units issued with fixed rights to the net income of the Trust.
Reckon Docs Unit and Fixed Trusts are:
- Customised to your requirements
- Reviewed by an independent law firm
- Delivered to you next working day (or same day if DIY print)
All our documentation is prepared, reviewed and maintained by leading law firms and specialists.
Amendments and Appointments
Reckon Docs Trust Deed of Amendment covers:
A Trust Amendment is a legal document that needs to be signed and executed similar to the original Deed. The original Trust Deed is reviewed to identify the appropriate requirements and means necessary to amend the trust deed. Significant legal issues may arise if this is not done correctly.
Reckon Docs Deed of Amendments or Appointments are:
- customised to your requirements
- reviewed by an independent law firm
Amendments for Discretionary (Family) Trusts
As circumstances change, whether it is the retirement or appointment of trustees, beneficiaries, principals (appointor), guardians, or simply a change of trust name the content of the trust deed may also need to change. When such changes occur a Trust amendment will be required.
The recent High Court ruling on the Bamford Case (on 31 March 2010) reinforced the importance of Trust Deeds defining income distribution, ensuring that the distribution for accounting purposes is the same as the distribution for tax purposes. Reckon Docs Trust Deeds, prepared by Hunt & Hunt from January 2009, complies with the legislation.
Reckon Docs can amend existing discretionary trust deeds to address the Bamford Case concerns. For pricing on Bamford Amendments, please contact our friendly Help Desk Team on 1300 139 001.
For more information on the Bamford Case, click here.
For amendments prices other than the Bamford Case, click here.
Reckon Docs require a copy of the original deed and all subsequent amendment deeds from up to the date of the proposed change, before any amendments and or appointments to be made.
What is included?
- 3 bound copies of the Amendment Deed
- Trustee minutes
If you have posted the original deed and/or any prior amendment deeds, we will return them to you with the new documents.
Amendments for Unit Trusts
As circumstances change, whether it is the retirement or appointment of trustees or simply a change of trust name the content of the trust deed may also need to change. When such changes occur a Trust amendment will be required.
Any amendments made to units, whether change of unit holders, buy back, transfers or issuing additional units, are similar to change of shareholder details for companies, without the paper work required with ASIC.
To change Unit Holder details, click here.
Reckon Docs requires a copy of the original deed and all subsequent amendment deeds for any amendments and/or appointments to be processed.
What is included?
- 3 bound copies of the Amendment Deed
- Trustee minutes
If you have posted the original deed and/or any prior amendment deeds, we will return them to you with the new documents.
Download Order Form:
To order a Unit Trust Deed of Amendment, click here.
Deed of Confirmations
If you or your client have lost or misplaced an original deed, you can order a Deed of Confirmation (Replacement Deed).
Reckon Docs requires the original date of the deed to prepare a Replacement Deed.
What is included?
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3 bound copies of the Trust Deed. |
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Trustee minute |
Download Order Forms
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To order a Discretionary (Family) Trust Confirmation Deed, click here. |
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To order a Unit Trust Confirmation Deed, click here. |
Powers of Attorney
An Enduring Power of Attorney (EPA) is a simple but important document for anyone wishing to safeguard their property and financial future by appointing someone else to act on their behalf.
An EPA is designed for, and survives, any subsequent legal and/or mental incapacity of the donor. It passes a general power onto a nominated person (the Attorney) to do anything the donor could lawfully do before becoming incapacitated.
Who Can be Appointed as an Attorney?
You can appoint a maximum of two Attorneys to act for you at any one time. This can be:
- one person who makes decisions on your behalf, or
- two people who must act together in making decisions (joint attorneys)
- two people who can act either together or separately in making decisions (joint and several attorneys)
Substitute Attorneys
You may also appoint one or two substitute Attorneys to act in the event that the originally appointed Attorney(s) is/are no longer capable, suitable, or available to act on your behalf.
Reckon Docs partners with reputable law firms to provide a personalised Powers of Attorney service.
To order your Power of Attorney, click here.
Testamentary Trusts
Testamentary Trusts provide additional control over your assets after your death, so you may want to consider the benefits of a Testamentary Trust with your Will.
A Testamentary Trust can:
- Protect assets in the case of a beneficiary becoming divorced or bankrupt.
- Be designed to pass assets onto children in the event of a surviving spouse remarrying
- Provide for children with disabilities and control the distribution of capital after death.
Testamentary Trusts are created with a Will but do not come into effect until the death of the person making the will. The Testamentary Trust can be either:
- Fixed: vesting of property in the trust is delayed till the beneficiary reaches a defined age
- Discretionary: the trustee has the discretion to determine the distribution of the income and capital between beneficiaries.
Some types of assets cannot be controlled by your Will, including:
- Jointly held property: If you own property with another person as joint tenants, your share in the property does not form part of your estate under your Will but will instead pass automatically to the surviving joint owner upon your death. If property is held as tenants in common, your share in the property does form part of your estate and passes to the beneficiaries of your will upon your death.
- Property held in trust: This passes to or is held for the beneficiaries of the trust according to the terms of the trust.
- Shares: Certain shares in private companies cannot be given by Will so you will need to check the company’s constitution to determine how these shares will be dealt with on your death.
- Superannuation: Your super arrangements may not entitle you to dispose of your super assets by Will, however rules of superannuation funds may differ so you will need to discuss this matter with the administrators of your superannuation fund
- Proceeds of life insurance policies: If you hold a life insurance policy and have nominated a beneficiary of the policy, that nomination takes precedence over the terms of your Will.
Reckon Docs Testamentary Discretionary Trusts are compliant with legislation and customised to meet your specific requirements and circumstances.
Documentation relating to Testamentary Trusts is prepared, reviewed and maintained by Hunt & Hunt, a leading legal firm in Australia
Additionally, Reckon Docs update Testamentary Trust Deeds to changes in legislation or specific requirements of the trustee, which are carried out with an independent legal review.
Download Order Forms
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To order your Testamentary Trust (for Partner), click here. |
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To order your Testamentary Trust (for Individual), click here. |
Wills
A Will is a legal document that sets out the distribution of a person's property in the event of their death. In order for a Will to be valid it needs to meet certain formal requirements as prescribed by the Wills Act in the individual's state. To ensure your will meets these requirements.
Reckon Docs Wills are compliant with legislation and customised to meet your specific requirements and circumstances.
Reckon Docs provides two types of Wills:
- Joint Wills (for partners)
- Single Wills (for individuals)
Documentation relating to Wills is prepared, reviewed and maintained by Hunt & Hunt, a leading legal firm in Australia.
Reckon Docs also updates and amends Wills with changes in your specific requirements. These updates and amendments are carried out with an independent legal review.
Download Order Forms