Discretionary Trust - Deed (GKM)
This document has been specifically prepared for one client. It is not suitable for other clients.
FAMILY DISCRETIONARY TRUST DOCUMENTS
This Deed of Trust has two parties, the Settlor (the person establishing the Trust)and the Trustee.
The Deed records that the Settlor has paid to the Trustee an amount of money known as the trust fund and the terms and conditions upon which the Trustee will hold the trust fund in trust for the nominated beneficiaries.
The Deed defines who are to be the beneficiaries of the Trust, whether these people are alive at the time that the Deed is signed, or who may be born sometime afterwards.
The Trust has a life of 80 years.
The Deed sets out the rights, duties and obligations of the Trustee and the Appointor (who has the ability to remove the Trustee).
The Deed allows for the Trustee to be replaced and for the Trust Deed to be amended.
Finally, there are three alternative ways you may appoint the Appointor. You may want:
- just one person to have these powers during their lifetime and another person upon the death of the first person (providing they outlive the first) or
- just one person to have these powers during their lifetime and then the powers will be exercised by the person that they nominate in their will or
- two people to be appointed jointly during their lifetimes, and then upon the death of the last of these two people, the person that the survivor appoints in their will.
If you require any amendments to the document after it has been returned to you, one of our lawyers can make those amendments however the cost for this work is
not included in the price of this document. Please contact us on info@ampalmer.com.au for further assistance.