LightYear releases trust and SMSF vesting package
Documentation provider LightYear Docs has announced a comprehensive windup and vesting package for discretionary trust, SMSFs and unit trusts.
The package, launched in conjunction with Abbott & Mourly Lawyers, provides a deed of vesting that caters for the wind up of SMSFs, discretionary trusts and unit trusts.
LightYear director Ashleigh Jaremyn said said some point in time, families will want to wind up or vest their SMSF, discretionary trust or unit trust.
“It is not a simple process as each deed has its own requirements — not only from a legal point of view but also administratively,” Ms Jaremyn.
Abbott & Mourly Lawyers’ Grant Abbott said if vesting is not in alignment with what the deed requires, the trust will not vest and the accountant or adviser might end up with a resettlement instead of a windup, which means capital gains tax and stamp duties.
“If the trust or SMSF adviser has any concerns, like all LightYear Docs users, there is technical and legal support to make sure it is done right,” said Mr Abbott.
Ms Jaremyn said the package allows for vesting using a deed but also provides detailed trustee resolutions to ensure no stone is left unturned.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
