Publication

Well Placed Trust: 6 Tips for Trustees

by James d'Apice and David Andrews
13 September 2018
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Trustees don’t have the benefit of codified duties, exhaustive guidelines or regulatory oversight (aside from in the superannuation sphere). Here are our suggestions for making your time as a Trustee a success.

1.     Get the documents
        
Take possession of all paper records relating to the trust,
        particularly the founding instrument which established the
        Trust.

2.    Get the property 
       Make sure you become the registered proprietor of any land
       that forms part of the trust property. Become the registered
       holder of any shares.

3.    Protect and preserve the trust property
       Make sure documents of title are safe. Represent the trust
       in disputes. Don’t dispose of property or sell it at an undervalue.

4.    Retain your independence
       Don’t fetter your discretion. Remember that you must not be
       unduly bound by the wishes of any other party, including
       beneficiaries or fellow trustees.

5.    Instruct an accountant
       Get the help of an experienced professional to assist you
       in discharging your duty to maintain accounts for your conduct
       of the trust.

6.    Keep beneficiaries informed
       Make sure the beneficial owners of the property you are holding
       know what you’re doing with it.

If you would like to discuss your role as a trustee, and what strategies you can adopt to best discharge your duties, please don’t hesitate to get in touch.