- What is the vesting date for the trust, and has it passed already?
- Should the trust deed be amended due to changes in the law since it was established?
- Does the trust deed restrict the range of beneficiaries who can receive income or capital distributions? Is the trustee excluded from receiving distributions?
- Can beneficiaries be removed or added?
- What is the date by which income distributions should be made in each financial year?
- How is trust income defined and does the trustee have power to alter the meaning of trust income?
- Does the trustee have absolute discretion in relation to income and capital distributions?
- Is there a default distribution of the income and capital of the trust to particular beneficiaries?
- Who holds the original trust deed and the originals of all variations (including changes of trusteeship)?
- Who is the trustee of the trust? If the trustee ceases to act, do their powers pass to anyone else, and if so, who?
- Does the trustee need consent/approval of any other person to exercise any of its powers?
- Does someone (e.g. a principal, guardian, appointor) have the power to unilaterally change the trustee?
- Is the role of trustee and principal (if any) automatically terminated on certain events (for example death or bankruptcy)?
- If the principal ceases to act, do their powers automatically pass to anyone else, and if so, who?
- Is the trustee in reality the ‘alter ego’ of an ‘at risk’ person?
- Will the trust own more than one asset class?
- Has there been a pattern of income or capital distributions to ‘at risk’ beneficiaries?
- Is there a power to vary, and are there any restrictions on that power?
- Have variations to the deed been validly made e.g. is there an appropriate exercise of the variation power and have all necessary consents been obtained?
- What is the governing jurisdiction?
For a printable version of this information, refer to the attached flyer.