Trusts

Does a change of trustee need to be done by a registered deed?

There is some debate within the legal and accounting professions about whether or not a change of trustee needs to be done by a registered deed. In Retravision (NSW) Limited v Copeland, Justice Young of the New South Wales Supreme Court indicated that, unless the trust deed expressly excludes or contains provisions inconsistent with Section … Read more

Things to be careful of when changing a trustee

Trustees should not be changed without first thinking about what happens if the trustee is changed. The single most important thing to ensure when changing a trustee of a trust is that the correct mechanism is followed. That is, if the deed contains a procedure for changing the trustee it must be followed to the … Read more

Things to be careful of when updating a trust deed

While most trust deeds can be amended and updated, caution needs to be exercised to ensure the amendment or update does not result in unforeseen consequences. A trust deed should not be amended without first looking at the deed and any prior amending deeds. When updating a trust deed it is crucial that the amendment … Read more

What is a resettlement?

A trust is usually established by a person (the settlor) declaring that another person (the trustee) is to hold certain property in accordance with a set of rules (the trust deed). The settlor sets up the trust. When a resettlement happens the original trust is said to have come to an end and been replaced … Read more

What is a trust

A trust is a relationship by which a party (the trustee) holds property for the benefit of other people (the beneficiaries) on certain terms and conditions. The trustee has the legal interest in trust property and the beneficiaries have the equitable interest. Trusts come in various forms with the most common being bare trusts, unit … Read more