Generally control of a discretionary trust is regulated by the trust deed, not a person’s will.
This said, succession of control of a trust should always be considered as part of a holistic estate plan.
Via View’s adviser facilitated estate planning platform, succession of control of a trust can be achieved.
For example, if a morally binding, as opposed to legally enforceable, solution is preferred, then the intentions can be set out via a memo of directions – a document automatically included on all View created estate plans.
If a legally enforceable approach is preferred (as generally recommended by View) then the starting point is for View to complete a free review and audit of the trust.
To complete this free review the adviser should send View the following material:
- A copy of the trust deed and any variations to the trust since its establishment (including changes of trusteeship and constitution for any trustee company);
- A copy of the most recent financials of the trust;
- A summary of the customer’s key objectives in relation to the trust; and
- any other material the facilitating adviser or customer believe may be relevant.
View’s initial review of the material provided is at no cost or obligation and is so that we can ensure we have a proper understanding of the circumstances before providing a suggested scope of work and fixed pricing.
All information provided is only retained with your authority and is otherwise treated in strict confidence.
- for the Concierge and Comprehensive estate planning service levels, View provides recommendations in relation to the approach to take for up to 3 deeds during the second meeting;
- for Compliance and Entry estate planning service levels, View provides a suggested scope of work and fixed pricing to confirm its recommendations once the free review of the deed is completed (on a deed by deed basis); and
- for all service levels, if specific steps are required to achieve the customer’s objectives in relation to a deed (for example, deeds of variation, deeds of successor principal/appointor or additional provisions in a will), View provides a suggested scope of work and fixed pricing for implementing the arrangements (on a deed by deed basis).