Q: We have a Trust Deed which should be updated and I figure the best way is to amend it by simply replacing it. What is best way of going about it without having to “pay all over again”? Is there a law firm/administrator who specialises in this activity?
For background you should first read the article, SMSF basics: Updating SMSF trust deeds where I explain the difference between a Deed of Variation and simply replacing the deed.
There are quite a few trust deed providers and administrators who provide a Deed of Variation service, which in effect replaces all the terms of the deed but not the deed itself. Make it clear when you’re conducting your enquiries that you’re seeking to update your deed rather than establish a new deed because the process is different, although the result is similar because the practical effect is that you will be using a standard-style deed that can be updated using standard updates from your provider. Again shop around on how regularly a provider updates the trust deed. For example, it may be updated once a year for the cost of $99 a year.
I am not permitted to recommend a particular provider but you could also refer to the Trust Deeds and other documentation section of the SuperGuide Directory.
