We check the vesting date of client’s discretionary trust deeds from time to time to make sure we receive no nasty surprises. The trust deed of a newer client was recently checked and no vesting date was apparent. The trust deed was acquired online from a South Australian legal firm. South Australia has passed legislation removing the requirement for a discretionary trust deed to have a vesting date. This is not the case in Queensland, particularly when the trust deed we scrutinised clearly stated it was subject to the laws of Queensland.
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