Can I Exclude Foreign Beneficiaries when establishing a Discretionary Trust?

Question

Can I choose to Exclude Foreign Beneficiaries when establishing a Discretionary Trust?

Answer

Yes!

When establishing a Discretionary Trust there is a tab in the document form where you can choose to Exclude Foreign Beneficiaries.

Note: This is an irrevocable exclusion of foreign persons. You may consider excluding "foreign persons" as potential beneficiaries to ensure the Trust (or rather, the Trustee of the Trust) will not potentially incur (or be liable to) foreign surcharges. You may wish to refer to the relevant state revenue office for further information and specialist advice should be sought where appropriate - alternatively, add client legal review to your order. 

 

If you select "yes" to exclude Foreign Beneficiaries, a popup will appear. You will need to read and acknowledge the information therein. Click "Understood and Agreed" to indicate that you have understood and agreed. If you are unsure, we recommend that you seek advice or add legal review to your order. 


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Related Information

Deed of Variation (Exclude Foreign Beneficiaries) for an existing Discretionary Trust

 

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