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go here and build this document: Family Trust - Update to allow Sole Trustee
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You have a Family Trust (sometimes called a Discretionary Trust or Family Discretionary Trust). Though the “beneficiaries” of the Family Trust have a beneficial or equitable interest in the assets, the Trustee is the legal owner of the assets and looks after them on behalf of the beneficiaries).
The Trustee has many obligations imposed by the law in dealing with the trust property.
It is important that the old Trustees are properly dismissed and the new Trustees are correctly appointed. It is crucial to the operation of the trust that the Trustee is validly appointed and is the right person for the job.
This hint is provided by Law Central Legal.
To start with you need to have your original Trust Deed and any other variations to the Trust Deed.
Find your Trust Deed and search for answers to the following questions:
1. What is the name of the Trust?
2. Who is the Appointor of the Trust?
3. When was the Trust Deed signed? (i.e. what is the date of the Trust Deed?)
4. Has the Trust Deed been amended? If so, on what dates?
All these answers should be in your Trust Deed.
The name of the Trust and the date it was signed is generally on the front of the Trust. If not it may be on the last page where the signing clauses are.
5. Who is the Trustee(s) leaving? (if any)
6. Who will be the Trustee(s) staying? (if any)
7. Who will be the new Trustee(s)? (if any)
This hint is provided by Law Central Legal.
Stamp duty laws vary between the states and territories.
We recommend you seek legal advice on whether a change in trustee will trigger potential stamp duty issues, particularly if the trustee holds dutiable property in the ACT or NSW.
In NSW and the ACT, a new trustee is not appointed until such time as the Deed of Appointment / Change of Trustee is registered with the Registrar-General (unless the Family Trust Deed specifically states that registration is not required for an effective appointment and that the trust fund will vest in the new trustee without registration). If you are unclear on this issue, please seek legal advice.
This hint is provided by Law Central Legal.
You have a Family Trust (sometimes called a Discretionary Trust or Family Discretionary Trust). Though the “beneficiaries” of the Family Trust have a beneficial or equitable interest in the assets, the Trustee is the legal owner of the assets and looks after them on behalf of the beneficiaries).
The Trustee has many obligations imposed by the law in dealing with the trust property.
It is important that the old Trustees are properly dismissed and the new Trustees are correctly appointed. It is crucial to the operation of the trust that the Trustee is validly appointed and is the right person for the job.
This hint is provided by Law Central Legal.
To start with you need to have your original Trust Deed and any other variations to the Trust Deed.
Find your Trust Deed and search for answers to the following questions:
1. What is the name of the Trust?
2. Who is the Appointor of the Trust?
3. When was the Trust Deed signed? (i.e. what is the date of the Trust Deed?)
4. Has the Trust Deed been amended? If so, on what dates?
All these answers should be in your Trust Deed.
The name of the Trust and the date it was signed is generally on the front of the Trust. If not it may be on the last page where the signing clauses are.
5. Who is the Trustee(s) leaving? (if any)
6. Who will be the Trustee(s) staying? (if any)
7. Who will be the new Trustee(s)? (if any)
This hint is provided by Law Central Legal.
You have a Family Trust (sometimes called a Discretionary Trust or Family Discretionary Trust). Though the “beneficiaries” of the Family Trust have a beneficial or equitable interest in the assets, the Trustee is the legal owner of the assets and looks after them on behalf of the beneficiaries).
The Trustee has many obligations imposed by the law in dealing with the trust property.
It is important that the old Trustees are properly dismissed and the new Trustees are correctly appointed. It is crucial to the operation of the trust that the Trustee is validly appointed and is the right person for the job.
This hint is provided by Law Central Legal.
To start with you need to have your original Trust Deed and any other variations to the Trust Deed.
Find your Trust Deed and search for answers to the following questions:
1. What is the name of the Trust?
2. Who is the Appointor of the Trust?
3. When was the Trust Deed signed? (i.e. what is the date of the Trust Deed?)
4. Has the Trust Deed been amended? If so, on what dates?
All these answers should be in your Trust Deed.
The name of the Trust and the date it was signed is generally on the front of the Trust. If not it may be on the last page where the signing clauses are.
5. Who is the Trustee(s) leaving? (if any)
6. Who will be the Trustee(s) staying? (if any)
7. Who will be the new Trustee(s)? (if any)
This hint is provided by Law Central Legal.
You have a Family Trust (sometimes called a Discretionary Trust or Family Discretionary Trust). Though the “beneficiaries” of the Family Trust have a beneficial or equitable interest in the assets, the Trustee is the legal owner of the assets and looks after them on behalf of the beneficiaries).
The Trustee has many obligations imposed by the law in dealing with the trust property.
It is important that the old Trustees are properly dismissed and the new Trustees are correctly appointed. It is crucial to the operation of the trust that the Trustee is validly appointed and is the right person for the job.
This hint is provided by Law Central Legal.
To start with you need to have your original Trust Deed and any other variations to the Trust Deed.
Get out your Trust Deed and hunt down the answers to these questions:
1. What is the name of the Trust?
2. Who is the Appointor of the Trust?
3. When was the Trust signed? (What is the date of the Trust Deed?)
4. Has the Trust Deed been amended? If so, on what dates?
All these answers should be in your Trust Deed.
The name of the Trust and the date it was signed is generally on the front of the Trust. If not it may be on the last page where the signing clauses are.
5. Who is the Trustee leaving?
6. Who will be the new Trustee?
7. Are there any Trustees who will be continuing in their role as Trustee (Remaining Trustees)?
This hint is provided by Law Central Legal.
You have a Family Trust (sometimes called a Discretionary Trust or Family Discretionary Trust). Though the “beneficiaries” of the Family Trust have a beneficial or equitable interest in the assets, the Trustee is the legal owner of the assets and looks after them on behalf of the beneficiaries).
The Trustee has many obligations imposed by the law in dealing with the trust property.
It is important that the old Trustees are properly dismissed and the new Trustees are correctly appointed. It is crucial to the operation of the trust that the Trustee is validly appointed and is the right person for the job.
This hint is provided by Law Central Legal.
To start with you need to have your original Trust Deed and any other variations to the Trust Deed.
Get out your Trust Deed and hunt down the answers to these questions:
1. What is the name of the Trust?
2. Who is the Appointor of the Trust?
3. When was the Trust signed? (What is the date of the Trust Deed?)
4. Has the Trust Deed been amended? If so, on what dates?
All these answers should be in your Trust Deed.
The name of the Trust and the date it was signed is generally on the front of the Trust. If not it may be on the last page where the signing clauses are.
5. Who is the Trustee leaving?
6. Who will be the new Trustee?
7. Are there any Trustees who will be continuing in their role as Trustee (Remaining Trustees)?
This hint is provided by Law Central Legal.
Generally, you will have another document that says "Deed of Amendment" or "Deed of Variation". You need to note all variations that have been made to the Trust Deed. If you are not sure, you may need to seek legal advice.
This hint is provided by Law Central Legal.
Have a look at your Trust Deed and your Deed of Variation. If the Trustee of the Deed of Variation is different to the Trustee of the original Trust Deed, the Trustees may have changed. Sometimes the Trustee is updated by Minutes. If you are unsure, check with your accountant or lawyer.
This hint is provided by Law Central Legal.
Generally, you will have another document that says "Deed of Amendment" or "Deed of Variation". You need to note all variations that have been made to the Trust Deed. If you are not sure, you may need to seek legal advice.
This hint is provided by Law Central Legal.
Have a look at your Trust Deed and your Deed of Variation. If the Trustee of the Deed of Variation is different to the Trustee of the original Trust Deed, the Trustees may have changed. Sometimes the Trustee is updated by Minutes. If you are unsure, check with your accountant or lawyer.
This hint is provided by Law Central Legal.
(Eg: Fred John Smith)
If the Trustee is a Company: insert the name of the Company into the Company Name field.
Insert the ACN (Australian Company Number) into the ACN field.
(Eg: “Olympus Pty Ltd ACN 123 456 789”)
This hint is provided by Law Central Legal.
This is not a problem. Where the person has died, the executor or the person administering the estate signs in their signing clause as follows “signature [print name] on behalf of the deceased”.
This hint is provided by Law Central Legal.
(Eg: Fred John Smith)
If the Resigning Trustee is a Company: insert the name of the Company into the Company Name field.
Insert the ACN (Australian Company Number) into the ACN field.
(Eg: “Olympus Pty Ltd ACN 123 456 789”)
This hint is provided by Law Central Legal.
This is not a problem. Where the person has died, the executor or the person administering the estate signs in their signing clause as follows “signature [print name] on behalf of the deceased”.
This hint is provided by Law Central Legal.
If the Continuing Trustee is Human: insert the Continuing Trustee's first name into the First Name field, the Continuing Trustee's middle name into the Middle Name field and the Continuing Trustee's surname into the Last Name field.
(Eg: Fred John Smith)
If the Continuing Trustee is a Company: insert the name of the Company into the Company Name field. Insert the ACN (Australian Company Number) into the ACN field.
This hint is provided by Law Central Legal.
This is not a problem. Where the person has died, the executor or the person administering the estate signs in their signing clause as follows "signature [print name] on behalf of the deceased".
This hint is provided by Law Central Legal.
You can have a Human Trustee or a Company Trustee. Or you can have both at the same time. You can nominate (i) yourself (ii) yourself and your spouse, or (iii) your company, as Trustee. You could nominate yourself and your company as Trustee - but why would you bother?
What is the Trustee’s job? The Trustee holds the trust assets. The Trustee holds these assets in its own name – but only as Trustee. The Trustee only holds these assets as mere legal owner – not as beneficial owner. The Trustee holds these assets for the benefit of the beneficiaries.
The Trustee also deals with the day-to-day running of the Trust for the benefit of the beneficiaries. The Trustee consults with the Appointor or Guardian concerning the distributions to the beneficiaries each year. The Appointor can appoint or sack the Trustee at any time. This is because, usually, the Appointor controls the Trustee and the Trust. You can be both the Appointor and the Trustee.
If the Trustee is Human: insert the Trustee’s first name into the First Name field, the Trustee’s middle name into the Middle Name field and the Trustee’s surname into the Last Name field.
(Eg: Fred John Smith)
If the Trustee is a Company: insert the name of the Company into the Company Name field.
Insert the ACN (Australian Company Number) into the ACN field.
(Eg: “Olympus Pty Ltd ACN 123 456 789”)
This hint is provided by Law Central Legal.
A trustee can be either a company or one or more persons. The decision as to who will be the trustee is important. However, it depends on the purpose of the Trust, and the activities of the Trust. It also depends on the Trust Deed itself.
For instance, some Trust Deeds have provisions to protect the trustee. If the trustee incurs a liability while acting honestly and in the best interests of the beneficiaries, the trustee may be indemnified from such liability. However, if the trust assets do not cover the liability, the trustee may be liable to cover the shortfall. Here the importance of a corporate or individual trustee comes in. If the trustee is an individual then this short fall may expose the trustee’s personal assets.
Further, if there is no indemnity provision in the Trust Deed, the trustee will be personally liable for any debts the trustee incurs whilst acting as a trustee. This liability extends to the directors of a corporate trustee.
Finally, the Trust Deed itself must be examined to determine who can be the new trustee. The Trust Deed may impose certain restrictions such as; the trustee cannot be a beneficiary of the trust, or may require the trustee to hold certain qualifications. If these conditions are not met, then any appointment of the new trustee may be deemed invalid.
This hint is provided by Law Central Legal.
This is not a problem. Where the person has died, the executor or the person administering the estate signs in their signing clause as follows “signature [print name] on behalf of the deceased”.
This hint is provided by Law Central Legal.
This is the person or entity named in the Trust Deed whose permission is required to vary the Trust Deed. In particular, the Appointor is the person or persons with the power to remove and appoint the Trustee.
It is common for the Appointor of a Family Trust to be one or both parents.
This hint is provided by Law Central Legal.
If the Appointor is Human: insert the Appointor's first name into the First Name field, the Appointor's middle name into the Middle Name field and the Appointor's surname into the Last Name field.
(Eg: Fred John Smith)
This hint is provided by Law Central Legal.
This is not a problem. Where the person has died, the executor or the person administering the estate signs in their signing clause as follows "signature [print name] on behalf of the deceased".
This hint is provided by Law Central Legal.
You have a Family Trust (sometimes called a Discretionary Trust or Family Discretionary Trust). Though the “beneficiaries” of the Family Trust have a beneficial or equitable interest in the assets, the Trustee is the legal owner of the assets and looks after them on behalf of the beneficiaries).
The Trustee has many obligations imposed by the law in dealing with the trust property.
It is important that the old Trustees are properly dismissed and the new Trustees are correctly appointed. It is crucial to the operation of the trust that the Trustee is validly appointed and is the right person for the job.
This hint is provided by Law Central Legal.
To start with you need to have your original Trust Deed and any other variations to the Trust Deed.
Find your Trust Deed and search for answers to the following questions:
1. What is the name of the Trust?
2. Who is the Appointor of the Trust?
3. When was the Trust Deed signed? (i.e. what is the date of the Trust Deed?)
4. Has the Trust Deed been amended? If so, on what dates?
All these answers should be in your Trust Deed.
The name of the Trust and the date it was signed is generally on the front of the Trust. If not it may be on the last page where the signing clauses are.
5. Who is the Trustee(s) leaving? (if any)
6. Who will be the Trustee(s) staying? (if any)
7. Who will be the new Trustee(s)? (if any)
This hint is provided by Law Central Legal.
This document has been prepared by the law practice Law Central Legal
Australia 
New Zealand