New vesting/wind-up package released

SMSF vesting wind-up

A new package to assist advisers in the vesting or wind-up of an SMSF, discretionary trust or unit trust has been made available to the market.

Specialist document provider LightYear Docs, in conjunction with Abbott & Mourly Lawyers, has launched a wind-up/vesting package for SMSFs, discretionary trusts and unit trusts.

LightYear Docs director Ashleigh Jaremyn said the initiative has been undertaken to assist advisers with the complex process of closing down the aforementioned structures.

“At some point in time, families will want to wind up, 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,” Jaremyn noted.

Abbott & Mourly non-legal senior consultant Grant Abbott pointed out if the process is not carried out correctly, there will be significant risks for the client in question.

“If the vesting is not in alignment with what the deed requires, the trust or SMSF will not vest and the accountant or adviser might end up not with a wind-up but a resettlement – which means capital gains tax and stamp duties,” Abbott said.

The new offering provides a deed of vesting for SMSFs, unit trusts and discretionary trusts along with technical and legal support should users of the service require any additional information or assistance in the matter.

“We have the foundation for vesting using a deed, but also detailed trustee resolutions providing a pathway of vesting for the accountant and adviser to make sure no stone is left unturned,” Jaremyn said.

“This is a very exciting time and with our growth fostered by automation processing and moving into artificial intelligence, to have a partner like Abbott & Mourly Lawyers who provide us with leading-  edge digital and legal products we can safely put our hands on our hearts and say LightYear Docs is light years ahead.”

The new package is in addition to the 200 documents LightYear Docs already provides and practitioners can register for its use free of charge.

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