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Discretionary and Testamentary Trusts

Discretionary and Testamentary Trusts Precedents and Commentary

Author: Charles Rowland; Phillip E. Bailey
Publisher: LexisNexis Australia
ISBN: 9780409331288
Published In: December 2012
Format: Hardback
Jurisdiction: Australia ? Disclaimer:
Countri(es) stated herein are used as reference only

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Discretionary Testamentary Trusts: Precedents and Commentary provides practitioners with adaptable tools to draft these complex trusts safely and easily for differing client needs.

Discretionary Testamentary Trusts (DTT's) are currently in high demand, as they offer significant tax advantages and provide valuable asset protection. The precedents contained in this text are flexible and adaptable to a wide range of client circumstances.

To achieve flexibility the central DTT precedent, the 'Boilerplate' is modular. It consists of defined elements which the practitioner can select and assemble. There are variations for particular circumstances, ensuring it is not difficult to draft a seamless DTT will. The book also contains a precedent for a trust for a severely disabled person.

Discretionary Testamentary Trusts: Precedents and Commentary also assists the practitioner to explain the will to the client by offering in lay person's language clause-by-clause explanations of the main Boilerplate precedent.

Rowland and Bailey provide useful examples to show how the precedents could be used in practical situations. These examples include:
• gifts to members of a list, with some on DTT and some not, and with some to be represented on predecease and some not;
• unequal shares to children, one of whom is disabled, the disabled child to take on trust, the other children to take on DTT; and
• provision for a blended family using Divisions. The blended family precedent is designed to cope with a testator who may or may not have a former spouse or partner as well as a present partner, and children from a former relationship as well as children of a present relationship, using DTTs for some of the beneficiaries but not all.

Features

1. A modular precedent with discrete elements which are easy to select and modify
2. A straightforward explanation of the precedent, how it works and the relevant law
3. Numerous practical examples to illustrate how the precedent can be used

1. Basics of discretionary testamentary trusts
2. Tax effectiveness of discretionary testamentary trusts
3. Asset protection and discretionary testamentary trusts
4. Superannuation and testamentary trusts
5. Social security and discretionary testamentary trusts
6. A system for drafting discretionary testamentary trusts
7. Boilerplate precedent for a discretionary testamentary trust
8. Variations to testamentary trust provisions and Schedule 2 trust for disabled person
9. Examples of the precedents applied

Charles Rowland is the author of the highly successful LexisNexis title Hutley's Australian Wills Precedents, 7th Edition. Charles has been involved in law reform in the area of succession law, and is the ACT representative on the Australian National Committee for Uniform Succession Laws. He has a Bachelor of Arts and a Bachelor of Laws (cum laude), both from the University of Natal and previously taught at the Australian National University specialising in the law of wills and executors. He also taught at James Cook University of North Queensland (adjunct Professor) and the University of South Africa. Charles is presently a consultant to Dixon Advisory Law.

Phillip Bailey is a Consultant Lawyer to Dixon Advisory Law. Phillip was admitted as a Barrister and Solicitor of the Australian Capital Territory Supreme Court in 2001, and has specialised in estate planning and testamentary trusts since 2004. He has a Bachelor of Arts, Bachelor of Laws, and Graduate Diploma in Legal Practice all from the Australian National University.