I am a trustee
As a trustee, you are responsible for managing Trust property on behalf of another person or organisation, and as instructed by the terms of the Trust.
Trust property includes money, shares and real estate.
If you’re an executor of a Will, you may also take on the role of trustee; for example, trusts may be set up to provide ongoing support for children or grandchildren beneficiaries under a Will.
What is your role as a trustee?
As a trustee you have legal obligations and can be personally liable for any breach of trust.
A trust can last many years, with your ongoing responsibilities to the beneficiaries including:
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protecting and preserving trust property
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distributing assets according to the Trust terms
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keeping trust account records
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providing financial reporting to beneficiaries
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completing trust tax returns and paying any tax liabilities
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acting in the best interest of the beneficiaries
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not personally profiting from the trust
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sourcing good financial advice to maintain the trust
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exercising reasonable care in any decision-making
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acting impartially between beneficiaries.
Can you choose someone else to take on trustee responsibilities?
Many people appoint a friend or relative as their trustee.
A trustee is an important role that requires making complex decisions and can be time consuming and challenging – particularly where ongoing trusts are involved.
You can choose someone else to take on the role of trustee, including a professional trustee such as NSW Trustee and Guardian.
Choosing us ensures the trust benefits from our expertise, experience and independence to properly manage all the administration and that all beneficiary interests are protected.