SMSF & Guarantor Independent Advice
Providing essential legal advice in these niche arrangements.
Frequently Asked Questions
SMSF & Guarantor Independent Advice
What is SMSF & Guarantor Independent Advice?
It is tailored legal advice for clients involved in Self-Managed Super Funds (SMSFs) or guarantor arrangements. It helps you understand your obligations, risks, and rights before signing.
Why do I need independent legal advice as a guarantor?
Banks and lenders often require a guarantor to get independent legal advice before approving a loan. This protects you by confirming you fully understand the financial and legal risks of guaranteeing someone else’s debt.
What documents can you prepare?
-
SMSF Trust Deeds
-
Holding Trust Deeds
-
Certificates of Independent Legal Advice (including for mortgage purposes)
-
Legal agreements to reduce guarantor risk
Do I need a Certificate of Independent Legal Advice?
Yes, if your lender requires it. Certificates confirm you’ve received legal advice before entering into a binding arrangement, such as acting as a guarantor or borrowing through an SMSF.
What is a Trust Deed and why is it important?
A Trust Deed is the legal document that sets out the rules of your SMSF or other trust fund.. It governs how the fund operates. Having it drafted or reviewed by a lawyer ensures it complies with the law and protects your interests.
Can you help if I already have an SMSF Trust Deed?
Yes. We can review your existing deed, update it for compliance, and advise you if variations to the Deed are necessary to reflect your current needs.
What risks does a guarantor face?
If the borrower cannot repay the loan, the guarantor may be responsible for the debt. This can affect your personal assets, credit rating, and financial security. Our advice helps you understand and manage these risks.
Do you provide mortgage-related advice?
Yes. We issue independent legal advice certificates for mortgage purposes, ensuring both borrowers and guarantors meet lender requirements.
How long does the process take?
In most cases, we can provide advice and issue certificates within a few business days, depending on the complexity of the documents.