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
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.