Appointment & Removal of a Trustee
Trustees are responsible for ensuring the Trust fund follows government rules and regulations. A trustee is responsible for making pivotal decisions on behalf of the Trust and is said to own the legal interest in the trust property, must act in good faith when dealing with trust property and is personally liable in respect of all expenses involved with the administration of the trust.
Who should be a Trustee?
A Trustee can be either an individual or company. In the case of an individual being the trustee, this person will normally be one of the specified beneficiaries of the trust or a unit holder. When a company is acting as Trustee, usually the director/s of the company will be specified beneficiaries of the trust or unit holders.
There are occasions whereby you may need to change the trustee. Reasons for changing trustees differ, however, it is important that when you make a change to the trustee, all of your paperwork is dated appropriately and that the deed is compliant and allows for the change to occur.
We can handle the change of trustee in most circumstances*
If we can’t complete the work, our legal advisors will be to provide you with a quote to complete the work.
*provisions within trust deeds vary and we cannot guarantee that we will handle poorly drafted or highly technical changes in-house.