Advise on and document the vesting of a discretionary trust
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- From the trust deed and every amending deed, extract the vesting date or vesting event, the default beneficiaries, what the deed directs on vesting, and any power to amend the vesting provisions with its limits, and build a timeline and a table of the trust's assets with how each will be held or distributed on vesting.
- What the lawyer must review
- Confirm the vesting date from the deed as amended, decide whether the vesting provisions can validly be amended or whether vesting must proceed, advise on what the trustee holds after vesting and the tax and duty consequences with the client's accountant, and settle the trustee resolutions and any transfers.
- Written for / version
- US
Open a jurisdiction version of this task to see which instruments apply: US
Who does what
| Role | What they do |
|---|---|
| Assistance | From the trust deed and every amending deed, extract the vesting date or vesting event, the default beneficiaries, what the deed directs on vesting, and any power to amend the vesting provisions with its limits, and build a timeline and a table of the trust's assets with how each will be held or distributed on vesting. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Confirm the instructions, the jurisdiction and the complete relevant material before starting.
- Read every amending deed before fixing the vesting date or the default beneficiaries.
- Check any proposed amendment against the amendment power and its exceptions, and against the ATO's view in TR 2018/6.
- Confirm the accountant has reviewed the tax and CGT consequences before resolutions are signed.
- Check the output against the source documents named in it before it is relied on.
Forms and precedents for this task
| Form or precedent | Kind | AI use | Summary |
|---|---|---|---|
| Trustee resolution and checklist on the vesting of a discretionary trust | Other | AI use Yellow | A trustee resolution recording that a discretionary trust has vested or will vest on its vesting date, who takes the trust property under the deed's vesting clause, what the trustee will do, and a checklist covering the deed, the ATO's views on vesting, and records. |
Signed-in accounts can read the full text of each one. All precedents.
Sources
- ATO: Trust vesting · 2026-10-18
These are suggested working checks. Confirm the required checking with the responsible lawyer before work starts; the checking approach does not establish permission to use AI.