If you've chosen to open up a Family Trust, would you prepare it from trust deeds prepared years ago? These days with the ever changing laws and regulatory controls, it's smart to use one that is current, as these policies and laws are forever changing and being updated.
One of the major benefits of using a business that deals with these types of services such as Draftdocs is that the information you receive is prepared by professionals ensuring it is up to date.
A Western Australian court case highlighted how an accounting firm used an old trust deed and was in breach of the Legal Practice Act 2003 as it wasn't checked by lawyers. They were advertising setting up trust deeds for a cheap price, but were using ones that were not valid. In the court case it was made evident that the accounting firm obtained the trust deed from an internet site and never had it checked by a lawyer to ensure it covered all legislation requirements.
In court it came out that the accounting firm used a deed that was over 3 years old and had never been executed by a lawyer. Their defence which consisted of 'we bought it from an online supplier' was almost laughed at as they had no record of this and further investigation revealed the document they had used was even older than the 3 years they claimed.
Due to certain evidence and certain Practice Acts the Legal Practice Board dismissed the claim. This example though, should serve as a reminder to all that extreme care should always be exercised when dealing with anything that is legally binding; get proper legal advice or source documents and information from legitimate sources.
Although it may be difficult to know which suppliers are legitimate and which are not, one sure way is to see if they are backed by a reputable legal firm.
Another practise that should always be avoided is redrafting of older or existing documents to suit your individual or updated circumstances. If you require this to be done, then contact a legal firm that specialises in that area.
The Law Institute advises that it is okay to use (online) document providers for certain types of services, however, it is vitally important to check their terms and conditions before doing so. If you have any queries, seek legal advice before going through with it.
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Nowadays there are many legal firms online that provides their services such as Legal Forms or as Legal Contract. But be careful about this and find the most information possible to be sure which firm is reliable.
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