Model trust deed for Special Disability Trusts

Attachments

Cover of Model Trust Deed

Date: 

A model trust deed has been developed to help families who have decided to set up a Special Disability Trust. This trust deed contains the clauses which are essential for a trust to comply with the requirements of the special disability trust legislation.

Deed of Variation of Special Disability Trust deed – Revised Purpose Test

Special Disability Trusts created before 1 July 2011 need to be varied to reflect the legislative beneficial measures that came into effect on 1 January 2011 and in accordance with the Trust Deed, Reporting and Audit Requirements Determination 2011. The beneficial measures introduced as at 1 January 2011 altered the purpose of a Special Disability Trust from ‘sole purpose’ to ‘primary and other purposes’.

To assist you in updating your existing Special Disability Trust’s deed, a Deed of Variation of Model Trust Deed has been created to ensure your Special Disability Trust meets all current legislative requirements. The variation needs to be signed and attached to your Special Disability Trust’s deed and lodged with Centrelink to ensure the Special Disability Trust remains compliant.

Note: The Deed of Variation of a Model Trust Deed for Special Disability Trusts is based upon varying the Model Trust Deed, as previously published prior to 1 July 2011. If you have any concerns you may wish to speak to your legal representative.

Deed of Variation of Special Disability Trust deed – Duration of Trust

To assist you in updating your existing Special Disability Trust’s deed, a Deed of Variation of Model Trust Deed for Duration of Trust has been created. This variation includes a clause that will extend the duration of a Special Disability Trust beyond the date of the death of the Principal Beneficiary to give adequate time to allow trustees of a Special Disability a grace period to wind up the trust. The variation needs to be signed and attached to your Special Disability Trust’s deed and lodged with Services Australia. There is no requirement to make this change. 

Last updated: