If you have been appointed as a trustee of a trust, including a trust within a Will (known as a testamentary trust), you have certain legal requirements to uphold
and any failure to comply can leave you personally liable for financial losses suffered.
Ensure that you understand your responsibilities and carry them out appropriately.
Consult with a specialist Adelaide probate and estate administration law firm as soon as possible.
The responsibilities of the trustee are far-ranging and include the following:
Know and adhere to the terms of the trust:
This information may be found in the Will and state laws relating to trusts such as the Trustee Act 1936 in South Australia.
The trustee has a duty to comply with all terms in these documents.
Treat all beneficiaries fairly:
The trustee has an obligation to treat all beneficiaries in an impartial manner.
Keep meticulous records:
All accounts & receipts must be kept current and ready for disclosure at the request of the beneficiaries or other authorised parties.
Invest trust funds:
The trustee is required to invest funds according to the detailed provisions of the Trustee Act. A written (prudent) investment plan is required. Investments are subject to annual reviews at a minimum.
Pay and transfer trust property when necessary:
Interest income and capital of the trust are to be paid to beneficiaries in a timely manner as instructed in the trust document.
Being a Trustee is a serious responsibility, and carries risk of significant personal liability.
Meet with your Adelaide probate and estate administration lawyer at Genders & Partners And obtain the information and peace-of-mind you need about your rights and responsibilities as a trustee.
Request Your FREE 15 minute preliminary Telephone Consultation Today! Call us on (08) 8212 7233.