This product produces a set of Unitholder minutes to vest any Unit Trust with the consent of the unitholders
At some time in the life of any trust it may come to an end. Under the Rule against Perpetuities the trust will last only 80 years; with the exception being South Australia where there is no time limit for the trust. Winding up the trust at the end of its life is known as vesting. Generally any unit trust deed has a process to vest the trust at the end of 80 years or prior with the trustees or the unitholders consent and determination.
This document is for the purpose of vesting a unit trust. It is important to review the current deed to determine the vesting criteria.
- The LightYear Docs Unit Trust Vesting Document is for unit trusts and not superannuation funds or discretionary trusts that can be found in the LightYear Docs product listing.
- Simple and easy to use without resorting to legal advice.
- However legal advice can be obtained from Abbott & Mourly if needed.
- It is important to prepare accounts and determine the capital amounts and distributions to be paid to capital beneficiaries.
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 firstname.lastname@example.org.
Why use the LightYear Docs Unit Trust Vesting?
For any vesting of a trust it is important that it is completed correctly and that unitholders consent to the vesting.
What is the Vesting process?
The first step is to complete the Unit Trust vesting interview and get it executed by the Trustee and the unitholders. Then the Trustee should
- prepare any financial statements, income tax returns and any other accounts as required under trust law and any regulator;
- pay out or otherwise discharge and satisfy all debts and liabilities in relation to the Trust;
- distribute or otherwise deal with the income of the Trust in any manner expressly provided by this deed and any income not so dealt with shall form part of the capital of the Trust;
- distribute or otherwise deal with the capital of the Trust in any manner expressly provided in the deed; and
- to the extent to which the capital of the Trust shall not have been so distributed or dealt with, the trustee shall stand possessed of so much as remains of the trust fund for the benefit of current unitholders or their assigns.
However, if you would like legal advice to that effect contact our legal team – email@example.com
What lawyers sign off on the LightYear Docs Unit Trust Vesting ?
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 Vesting 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 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.