How to establish a discretionary or unit trust

Question

How can I establish a discretionary  or unit trust in NowInfinity?

Answer

Step 1: From the Create Documents page, select the trust type that you want to establish from the Trusts column.

Refer to the instructions below for establishing a:

Discretionary Trust

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Step 2: Enter the name of the Trust, Jurisdiction, Name of the Settlor, Address and Settlement Sum.

Name of Trust: Must not end with the words Pty Limited. The Trust name does not have to include the word “Trust”, but usually does.

Jurisdiction: The jurisdiction of law that is to apply is normally the State or Territory where the Trustee and other parties who sign the deed are located and where the deed is signed. You should obtain legal advice if you are unsure.

Name of Settlor and Address:  The Settlor must satisfy the following conditions:

  • The Settlor is not a Beneficiary nor related to ANY Beneficiary of the Trust
  • The Settlor is 18 years of age or over and has consented to their appointment
  • The Settlor is not the Appointor
  • The Settlor is not the Trustee

Settlement Sum: 

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Step 3: Enter the name of the Principal/Appointor  - this is optional

You may only add one or more Individual Appointors. All Individual Appointor must be 18 years of age or over.

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Step 4: Enter the details of the Trustee.

You may only add Individual or Corporate Trustees, not a combination of both.
All Individual Trustees must be 18 years of age or over.

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Example for Individual

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Step 5: Enter the Beneficiary details – Name and Address

You must name at least one Individual (not corporate) Beneficiary.

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Step 6: Choose if you would like to include a Secondary Beneficiary

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Step 7: Choose if you would like to Exclude Foreign Beneficiaries. 

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If you choose option ‘Yes’, the following message will appear

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Click ‘Understood and Agree’ to continue. 

Step 8: Legal Review - currently this is not available

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Step 9: Ready to submit – you can choose to add a reference number and/or order an hard copy of the Trust Documents in a binder for an additional $115 

Note:  The hard copy order must be completed via the Collaboration page of the Trust once it is established. 

Step 10: Click the complete button to finish the establishment of the Trust.

You will then be taken to the Collaboration page where you can access the documents and integration options.

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Fixed Unit Trust 

Step 1: Enter Trust Name and Jurisdiction

Name of Trust: Must not end with the words Pty Limited. The Trust name does not have to include the word “Trust”, but usually does.

Jurisdiction: The jurisdiction of law that is to apply is normally the State or Territory where the Trustee and other parties who sign the deed are located and where the deed is signed. You should obtain legal advice if you are unsure.

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Step 2: Enter Trustee Details

You may only add Individual or Corporate Trustees, not a combination of both.
All Individual Trustees must be 18 years of age or over.

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Step 3: Enter details of Unitholder 1, How many units they will hold and the price paid per unit 

Note: Whatever price per unit is entered for Unitholder 1, will be the price per unit for all Unitholders.

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Example of Trust Unitholder

If a Trust or Superannuation Fund is holding the units, you must obtain the name of the Trustee of the Trust or Superannuation Fund including its A.C.N. (if applicable).

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Example of Corporate Unitholder

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Example of Individual Unitholder

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Step 4: Enter second Unitholder (same process as Step 3) (Optional)

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Step 5: Legal Review - currently this is not available

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Step 6: Ready to Submit

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Again you can choose to include a hard copy of the documents for $115 which needs to be completed via the Collaboration page. 

Once you click the complete button you will be taken to the Collaboration page where you can access the documents and Integrations.

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