A Leading Member Discretionary Trust provides control of the Trust to a Leading Member who can then pass that to their next in line and so on.
This discretionary trust provides that protection and also is established by appointors, trustees and beneficiaries who are not citizens of Australia nor permanent residents.
Can this document be digitally signed?
NOT RECOMMENDED. As this document, or pack of documents, includes the establishment of a deed and/or a signature requires witnessing, Abbott & Mourly have advised that a digital signature on any part of the assembled document is NOT legally binding. This is in accordance with all current legislation. LightYear Docs will regularly review this position as part of its internal review process.
A stamp duty surcharge and in some cases a land tax surcharge applies in various states where a foreign purchaser acquires property in that State. There are exemptions where the foreign purchaser does not control the trust nor receives capital or income distributions in excess of 50% of any distributions.
This trust limits appointors, trustees and beneficiaries receiving trust distributions to citizens and permanent residents.
- Limiting any challenge that the Trust is a foreign purchaser and being subject to a land tax or stamp duty surcharge.
Frequently Asked Legal Questions
How does the Leading Member Non-Foreign Purchaser Discretionary Trust differ from an ordinary Discretionary Trust?
The Leading Member Discretionary Trust is based on the LightYear Discretionary Trust with the added value of limiting Trustees, Appointors and Beneficiaries to the lineage of the Leading Member. In addition there is a limitation on non-citizens or permanent residents of Australia.
Can my existing Discretionary Trust be upgraded to this Trust?
The issue is resettlement. As there is possibly a change in beneficiaries – limiting to both citizens and lineage, it may not result in a resettlement. However if you would like legal advice to that effect contact our legal team – firstname.lastname@example.org
What lawyers sign off on the LMDT?
All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.
Can this document be digitally signed?
Is the LightYear Docs LMDT reviewed regularly?
All LightYear Docs documents form part of the LightYear Docs internal document review cycle. All documents are scheduled to be reviewed at least annually or when required to do so due to changes in legislation. The LightYear Docs review cycle ensures all of our documents remain current and accurate.
What happens after I purchase this document?
After you purchase this document, you will experience first-hand the power of our assembly engine, HotDocs. An interview session will appear in what is called the HotDocs iFrame. Through the use of the iFrame technology, we are able to create document templates in minutes, versus months of coding through other methods. The iFrame also allows for rapid integrations and documentation to be assembled instantly in "lines" or packs of documents.
Can I edit my document after it has been completed?
Your document will be available to edit from the LightYear Vault for 30 DAYS after you have completed the interview process, at which point it will be locked for future edits. Your completed documents will be listed under "My Vault" from the drop-down menu in the top right-hand corner after you login. This is also where you re-launch an "interview" to make edits within the first 30 DAYS.
Can I save a document to complete later?
Yes, provided you select save, you can exit the interview process at any time. All documents that have been purchased and not yet assembled will be saved under "My In Progress Docs" and are accessible from the drop-down menu in the top right-hand corner after you login. This is also where you re-launch an "interview" to continue the interview process and assemble your document.