Question 1

Is this document a legal document?

Accepted Answer

All master documents have been signed off by Abbott & Mourly lawyers. Tony Anamourlis of Abbott & Mourly advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LightYear Docs platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LightYear Docs platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”

However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by Abbott & Mourly.

The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:

“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”

Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.

Question 2

Is the document easy to read?

Accepted Answer

All LightYear Docs products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lightyeardocs.com.au.

Question 3

What lawyers sign off on the Change of Trustee?

Accepted Answer

All LightYear documents are prepared and signed off by TGA Legal from Melbourne, Sydney and Brisbane.

Question 4

Stamping and Lodgement of Trusts

Accepted Answer

The fees and stamping requirements for establishing a trust deed vary throughout Australia, and the duty payable also varies depending on the type of property that is held by the trust. Please contact our partners at Eventum Optimum (EO) on info@eventumoptimum.com.au for more information on when stamping is required (in what jurisdictions) and the fees/duties payable. EO are able to provide this service to you.

Question 5

Is the LightYear Docs reviewed regularly?

Accepted Answer

All LightYear Docs documents form part of the LightYear Docs internal document review cycle. All documents are scheduled to be reviewed at least annually or when required to do so, due to changes in legislation. The LightYear Docs review cycle ensures all of our documents remain current and accurate.

Question 6

Do the trustees have to meet and make the resolution before 30 June?

Accepted Answer

Yes. This process must be completed before 30 June each year. The trustees must determine the net income of the trust before 30 June, which of the eligible beneficiaries will receive the net income, and how much each beneficiary will receive.

Question 7

What happens if the trust has franked dividends and/or capital gains to distribute?

Accepted Answer

No beneficiary would be specifically entitled to this income as it would not be included in the income of the trust. However under the LightYear Docs Trust Distribution Minutes the proportionate approach is applied. The beneficiaries would need to include the amounts in their taxable income, proportionate to their entitlements to the income of the trust as resolved by the trustees and recorded in the minute.

Discretionary Trust Distribution Resolution (New FS)

Discretionary Trust Distribution Resolution (New FS)