Maximising Trusts in the Estate Plan – 3 program on demand mini series

Program 1: Taking Charge: Control Dilemmas in Family Trust Management

One of the most difficult issues families face in succession planning is who should be trustee of a family trust when the parents who established it are no longer willing or able to continue. This session will provide a guide to control management issues and strategies for navigating and avoiding disputes, including:

• Assessing the current arrangements for the next generation
• Key factors in trustee selection and how involved should the family be in the decision?
• Is co-management a viable option?
• Deed compliance in trustee variation and appointment
• Tips for drafting appropriate mechanisms for managing disputes and deadlocks between trustee and beneficiaries
• When will a court remove a trustee in a family dispute?
• Cases update and examples, including the Rinehart family trust control dispute

Program 2: Act in Haste Repent in Leisure: Challenges in Trust Deed Variation

Trust deeds are complex and comprehensive documents, which is why they must be carefully consulted before any steps are taken under them. This session will examine trust deed amendment in the light of recent decisions which highlight what can go wrong when action is taken without proper consideration of the deed requirements, including:

• Lessons from Re Owies Family Trust [2020] VSC 716:
  • rules of trust construction
  • what are the obligations of a trustee?
  • why compliance with variation requirements in the trust deed is essential
  • financial impacts and other unintended consequences of non-compliance
  • invalid appointments and decision-making
  • the importance of proper record-keeping
• Consequences of failure to comply with the technical requirements in trustee appointment and removal: Advanced Holdings Pty Ltd as trustee for The Demian Trust Ors v Commissioner of Taxation [2020] FCA 1479
• Can a trust deed be amended after the vesting date? Re McGowan and Valentini Trusts [2021] VSC 154

Program 3: Protecting Vulnerable Family Members through Trusts

For a parent, the biggest concern throughout life is the care and welfare of their children. Nothing compounds this situation more than having a child who is vulnerable and has special needs. This session examines estate planning options to safeguard the interests of vulnerable family members, including:

• In what situations should a parent be considering a special arrangement for their child in their estate planning?
• What present and future needs should be considered?
• When is a Special Disability Trust an appropriate option?
• A deep dive into Special Disability Trusts including legislative requirements, eligibility, financial considerations and other requirements
• Has the need and effectiveness of Special Disability Trusts been impacted by the NDIS?
• The role of protective trusts for vulnerable beneficiaries – at what stage should these be established?
• Considerations for establishment of a protective trust, including:
  • asset shares and other family members
  • impact on government benefits and tax implications
  • appropriate limitations and conditions
  • trustee selection, control and sibling involvement