Testamentary trusts : strategies and precedents PDF
Preview Testamentary trusts : strategies and precedents
For Pip, thank you for all of your love and support and for always believing in me For Doris, thanks for everything For Nicole, always Testamentary Trusts: Strategies and Precedents Second Edition Vik Sundar MTax (USyd) JD (ANU), BCom (UOW), GDLP (ANU) Admitted as a Barrister and Solicitor of the ACT Supreme Court Certified Trust and Estates Practitioner (TEP) Director, Chamberlains Law Firm Charles Rowland BA (Natal), LLB (Natal) Formerly Adjunct Professor, James Cook University and Formerly Adjunct Reader, Australian National University Phillip Bailey BA (ANU), LLB (ANU), GDLP (ANU) Admitted as a Barrister and Solicitor of the ACT Supreme Court Certified Trust and Estates Practitioner (TEP) LexisNexis Butterworths Australia 2016 LexisNexis AUSTRALIA LexisNexis Butterworths 475–495 Victoria Avenue, Chatswood NSW 2067 On the internet at: www.lexisnexis.com.au ARGENTINA LexisNexis Argentina, BUENOS AIRES AUSTRIA LexisNexis Verlag ARD Orac GmbH & Co KG, VIENNA BRAZIL LexisNexis Latin America, SAO PAULO CANADA LexisNexis Canada, Markham, ONTARIO CHILE LexisNexis Chile, SANTIAGO CHINA LexisNexis China, BEIJING, SHANGHAI CZECH REPUBLIC Nakladatelství Orac sro, PRAGUE FRANCE LexisNexis SA, PARIS GERMANY LexisNexis Germany, FRANKFURT HONG KONG LexisNexis Hong Kong, HONG KONG HUNGARY HVG-Orac, BUDAPEST INDIA LexisNexis, NEW DELHI ITALY Dott A Giuffrè Editore SpA, MILAN JAPAN LexisNexis Japan KK, TOKYO KOREA LexisNexis, SEOUL MALAYSIA LexisNexis Malaysia Sdn Bhd, PETALING JAYA, SELANGOR NEW ZEALAND LexisNexis, WELLINGTON POLAND Wydawnictwo Prawnicze LexisNexis, WARSAW SINGAPORE LexisNexis, SINGAPORE SOUTH AFRICA LexisNexis Butterworths, DURBAN SWITZERLAND Staempfli Verlag AG, BERNE TAIWAN LexisNexis, TAIWAN UNITED KINGDOM LexisNexis UK, LONDON, EDINBURGH USA LexisNexis Group, New York, NEW YORK LexisNexis, Miamisburg, OHIO National Library of Australia Cataloguing-in-Publication entry Author: Sundar, Vik. Title: Testamentary Trusts: Strategies and Precedents. Edition: 2nd edition. ISBN: 9780409342994 (hbk). 9780409343038 (ebk). Notes: Includes index. Subjects: Testamentary trusts — Australia. Inheritance and succession — Australia. Trusts and trustees — Australia. Estates (Law) — Australia. Self-settled trusts — Australia. Estate planning — Australia. Other Authors/Contributors: Rowland, Charles. Bailey, Phillip Edwin. Dewey Number: 346.94052 © 2016 Reed International Books Australia Pty Limited trading as LexisNexis. First edition, 2013 (Discretionary Testamentary Trusts Precedents). This book is copyright. Except as permitted under the Copyright Act 1968 (Cth), no part of this publication may be reproduced by any process, electronic or otherwise, without the specific written permission of the copyright owner. Neither may information be stored electronically in any form whatsoever without such permission. Inquiries should be addressed to the publishers. Typeset in ITC Stone Sans and ITC Stone Serif. Printed in China. Visit LexisNexis Butterworths at www.lexisnexis.com.au PUBLISHER’S NOTE The publisher, authors, contributors and endorsers of this publication each excludes liability for loss suffered by any person resulting in any way from the use of, or reliance on, this publication. © LexisNexis. Any legislation reproduced in this work does not purport to be an official or authorised version. ACKNOWLEDGMENTS Many people have given generously of their time and expert knowledge to make this text possible. We would like to acknowledge the following contributing authors who wrote chapters or contributed significantly to the text. Errors are, of course, the sole responsibility of the authors. Stipe Vuleta BCom (UOW), LLB (Hons) (UOW), GDLP (UOW) Adjunct Associate Professor at University of Canberra Admitted as a Solicitor of the NSW Supreme Court Director, Chamberlains Law Firm Catherine Coles BA (Hons) (ANU), LLB (ANU), GDLP (ANU) Admitted as a Solicitor of the NSW Supreme Court Accredited Specialist in Family Law (NSW) Senior Associate, Watts McCray Lawyers John Ioannou BA (UQ), LLB (UQ), LLM (QUT), CTA Admitted as a Solicitor of the Qld Supreme Court Queensland State Councillor of The Tax Institute Partner, McCullough Robertson Mark Lowis BCom, LLB, CA, CTA Senior Associate, McCullough Robertson Kate Timmerman LLB (Hons) (Bond), BSocSc (Bond) GDLP (College of Law) Admitted as a Solicitor of the Qld Supreme Court and High Court Scott Farmer CFP Managing Director, Bravium Mark North LLB (ANU), GDLP (College of Law) Admitted as a Barrister and Solicitor of the ACT Supreme Court Director, Chamberlains Law Firm Other Acknowledgements We are also very grateful to Rod Cunich, Stephen Bourke and Brian Tetlow who provided invaluable comments and feedback on both early and current versions of the precedent. The contribution made by Allan Swan of Moores Legal to the drafting of testamentary trusts is legendary, and his work has suffused and pervaded all the work presently being done in this area. The same is true of Michael Perkins of Michael J Perkins Lawyer Practice. We are deeply indebted to them both for the broad contribution they have made. We have found great help in the following works: • R F D Barlow, C H Sherrin, R A Wallington, S Meadway and M Waterworth, Williams on Wills, 9th ed, LexisNexis Butterworths, UK, 2008. • C Birtles and R Neal, Hutley’s Australian Wills Precedents, 8th ed, LexisNexis Butterworths, Sydney, 2014. • S Bourke, Super Splitting for Family Lawyers, Certus Law Pty Ltd, Canberra, 2010. M Flynn and M Stewart, Death & Taxes: Tax-Effective Estate • Planning, 5th ed, Thomson Reuters, Australia, 2012. • D M Haines, Succession Law in South Australia, LexisNexis Butterworths, Sydney, 2003. • Halsbury’s Laws of Australia, online, LexisNexis, Sydney. • Harwood Andrews Lawyers, Trust Structures Guide 2012, Taxation Institute of Australia, 2012. • J Kessler and M Flynn, Drafting Trusts and Will Trusts in Australia, Lawbook Co, Australia, 2012. • B Marks, Trusts and Estates: Taxation and Practice, 2nd ed, Taxation Institute of Australia, 2009. • L Mason and R Neal, Mason and Handler Succession Law and Practice New South Wales, Online, LexisNexis, Sydney. • B O’Sullivan, Estate & Business Succession Planning, 5th ed, Taxation Institute of Australia, 2012. • M Perkins and R Monahan, Estate Planning: A Practical Guide for Estate and Financial Service Professionals, LexisNexis, 2011. • A Preece, Lee’s Manual of Queensland Succession Law, 7th ed, Lawbook Co, Australia, 2012. The authors are very grateful to LexisNexis Butterworths for undertaking to publish this as a second edition to the text, Discretionary Testamentary Trusts: Precedents and Commentary. We are especially grateful for their professionalism, their efficiency and their support. In particular, our editor Jennifer Burrows has been most kind, helpful, thoughtful, considerate, prompt and accurate. Thank you, Jennifer. Vik Sundar Charles Rowland Phil Bailey Canberra, 2016
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