Generally speaking, a discretionary trust deed should be updated when:
1. there is a change in the law surrounding discretionary trusts relevant to the trust (for example the 2018/2019 changes concerning foreign beneficiaries);
2. there is a change in the client circumstances warranting review and amendment of the deed; or
3. significant time has lapsed since the deed was established or last varied. If the deed predates the High Court decision in Bamford from 2009, then the deed should generally be updated to include the significant changes to the laws relating to income streaming.
We have a number of standard checklists available through our Checklist Manifesto Platform, including one for discretionary trusts, which can be found at the following link: https://viewlegal.com.au/checklist-manifesto-overview/ (you will need to be logged in to view this page). Completing this checklist can also help identify if a trust deed should be updated for the Bamford changes.
Where a single trust needs to be updated, this can be done through View Legal. If bulk updates are required (e.g. more than 10 deeds) please contact us directly.
Alternatively, if you would like us to complete a review of the trust deed in the context of any specific concerns or issues you have identified, we can provide a suggested scope of work and fixed pricing upon request.