With this product you can update an existing discretionary trust to the LightYear Docs Discretionary Trust, a modern trust last updated in September 2020 and allows streaming, capital distributions and modern trust strategies.
Old discretionary trust deeds can cause serious problems for distributions, tax, family law and asset protection. The LightYear Docs Discretionary Trust is a modern trust last updated in September 2020 and allows streaming, capital distributions and modern trust strategies. Upgrading an existing discretionary trust deed to a LightYear Docs trust deed is not a resettlement pursuant to ATO ruling TD2021/21.
- A simple upgrade for an existing discretionary trusts to a modern, strategic discretionary trust
- Upgrading an existing discretionary trust deed to a LightYear Docs trust deed is not a resettlement pursuant to ATO ruling TD2021/21.
- Allows income and capital streaming to different beneficiaries
- Operates for each State
Frequently Asked Legal Questions
Is this document a legal document?
All master documents have been signed off by Abbott & Mourly lawyers. Tony Anamourlis of Abbott & Mourly advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LightYear Docs platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LightYear Docs platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”
However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by Abbott & Mourly.
The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria  VLR 394, 397 where the Court held:
“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”
Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.
Is the document easy to read?
All LightYear Docs products are written in plain English and assessed for readability. If at any time you come across any errors, please contact email@example.com.
Can I get a sample of this document?
Yes, please email firstname.lastname@example.org to request a sample document for you to review.
What is required to upgrade an existing Discretionary Trust Deed?
You will need a copy of the deed and look for the upgrade or variation clause. This will provide whether the trustee or the trustee and the appointor must sign to authorise the deed.
What lawyers sign off on the LightYear Docs?
All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.
Can this document be digitally signed?
NOT RECOMMENDED. This document, or pack of documents, includes the establishment of a deed and/or a signature that 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. You can read more about digital signatures on the strategy centre by searching "digital signatures".
Is the LightYear Docs Discretionary Trust reviewed regularly?
All LightYear Docs documents form part of the LightYear Docs internal review process. We review all documents at least annually or when required to do so, due to changes in legislation. Further details of this process and a review schedule is include on this website.
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 90 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 90 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.