Latest news and company updates from InterPrac.
Whether or not legal documents can be executed electronically is complicated and the effectiveness and legality of electronic execution differs around the country, both from state to state and between the states (and territories) and the Commonwealth. In particular, documents that need to be witnessed personally (such as deeds) almost certainly cannot be witnessed electronically without extraordinary legislative intervention.
However, in response to the coronavirus pandemic, various states have recently enacted legislative measures in relation to the electronic execution of documents.
Succession planning is obviously a very important element of being a member of a superannuation fund, as the benefits are basically expected to be paid to the member when they retire, or to their dependants should they pass away.
When setting up a discretionary trust it's important to have the right structure, but it is equally important to have the right trust deed. The trust deed outlines the responsibilities and powers of the trustee, who can benefit, the rights of the beneficiaries, and determines the way that income and capital can be distributed. It’s an important legal document setting out the rules of the trust and is vital to the ongoing administration of the trust.
Following is a list of some of the other features of our discretionary trust deed (the most popular form of trust product ordered by members).
A recent court case has put the manner of changing trustees in an SMSF in the spotlight and the following article outlines the views of our in-house legal team on the matter. We explore why it's best to change trustees via executing a deed and further, why it's important the deed be prepared by a qualified legal practitioner, as happens when you order an SMSF change of trustee online with us.