TRUSTEE ACT 1925

Doc Lawyers provide a vital role in Trust law and Trust arrangements in Australia, by assisting with setup, management, and dispute resolution.

During establishment, we will assess suitability, explain trust types, draft trust deeds, ensure legal compliance, advise on tax implications, and define beneficiary arrangements. Throughout the trust’s operation, we guide trustees on their fiduciary duties, interpret trust deeds, maintain compliance with evolving regulations, and resolve disputes.

Our  Lawyers also help with trust amendments, winding up trusts, and setting up testamentary trusts for estate planning. Our expertise ensures trusts function effectively within legal boundaries, preventing complications and optimising benefits.

During the Establishment of a Trust:

• Advising on Suitability: Our lawyers will assess your individual circumstances, goals, and needs to advise whether a trust is the most suitable legal structure for your objectives, such as asset protection, tax planning, or estate planning.  
• Explaining Trust Types: They will explain the different types of trusts available in Australia (e.g., discretionary, fixed, unit, hybrid, testamentary, bare) and recommend the most appropriate type based on your specific situation. For instance, a family trust (a type of discretionary trust) is commonly used for managing family businesses and assets, offering flexibility in distributing income.  
• Drafting the Trust Deed: This is a critical step. Our lawyer's will draft the trust deed, a legally binding document that outlines the terms and conditions of the trust, including the roles of the settlor, trustee(s), and beneficiaries, as well as the rules for managing and distributing trust assets. It's essential that this document is accurate and comprehensive to avoid future legal issues.  
• Ensuring Legal Compliance: We ensure the trust structure complies with all relevant state and federal laws and regulations. This is vital to prevent potential legal challenges down the line.  
• Tax Implications Advice: Our Lawyers expertise in tax law can help structure the trust to minimise tax liabilities and maximise financial benefits, working in collaboration with your accountant or financial advisor.
• Beneficiary Designations: We assist in clearly defining the beneficiaries and how distributions will be made, ensuring these arrangements align with your objectives and remain within legal boundaries.
• Avoiding Unintended Consequences: For example, DOC Lawyers ensure the trust deed is correctly prepared to avoid being deemed a foreign entity, which could trigger additional land tax and stamp duty costs if the trust purchases property.

During the Operation of a Trust:

• Advising Trustees on their Duties: Trustees have significant legal responsibilities (fiduciary duties) to manage the trust in the best interests of the beneficiaries. DOC Lawyers can provide guidance on fulfilling these duties, which include:
  • Acting with Duty of Care
  • Acting honestly and in good faith.
  • Acting in the best interests of the beneficiaries.
  • Preserving trust property.
  • Keeping accurate accounts and providing information to beneficiaries.
  • Avoiding conflicts of interest.  
  • Acting personally and not delegating duties without authorization.
  • Considering whether and how to exercise discretions (e.g., distributing income).
• Interpreting the Trust Deed: DOC Lawyers can provide advice on the interpretation of the trust deed and its implications for various decisions and actions.  
• Ensuring Ongoing Compliance: Trust laws and regulations can change. Our lawyer's can assist with ongoing trust management to ensure it continues to meet your needs and legal obligations.  
• Dispute Resolution: In case of disputes or conflicts among beneficiaries or other stakeholders, we offer dispute resolution services to protect your interests and mediate disagreements.  

Other Trust-Related Matters:

• Amendments to Trust Deeds: If changes to the trust structure or terms are needed, DOC lawyers can draft the necessary amendments, ensuring they are legally sound and don't trigger unintended tax consequences (like a resettlement of the trust).
• Winding Up a Trust: When a trust is no longer needed, we can advise on the legal process for winding it up correctly.  
• Testamentary Trusts: Our Lawyers who specialise in estate planning can help establish testamentary trusts through a Will, which come into effect after death to manage assets for beneficiaries.  

DOC lawyer's expertise is invaluable in navigating the complexities of Trust Law in Australia.

We ensure our Trusts are set up correctly, administered properly, and achieve their intended purpose while complying with all legal requirements. Seeking our legal advice from the outset can save you significant time, cost, and potential legal headaches in the future.  Our comprehensive Trust Law services are designed to assist clients with setting up, managing, and resolving disputes related to Trust arrangements in Australia.