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Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any person who holds property, authority, or a position of trust or responsibility to transfer the title of ownership to the person named as the new owner, in a trust instrument, called a beneficiary. A trustee can also refer to a person who is allowed to do certain tasks but not able to gain income, although that is untrue. Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary, the more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity, for the benefit of the general public, or a person in the local government.
A trust can be set up either to benefit particular persons, or for any charitable purposes (but not generally for non-charitable purposes): typical examples are a will trust for the testator's children and family, a pension trust (to confer benefits on employees and their families) and a charitable trust. In all cases, the trustee may be a person or company, whether or not they are a prospective beneficiary, although a property held in Trust as an asset by a trustee is always for a beneficiary.

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    QLD Public Trustee mishandling of estate after death.

    My wife is the sole beneficiary of an estate handled by the Public Trustee Qld. The death happened on 24 December 2020 and the Public Trustee has been painfully slow in their handling of the estate. There is only a compensation payment she received before her death, as apart from that she had...
  2. M

    VIC Personal Bankruptcy & Trustee

    Summary - I have a mortgage with Westpac since 2014 which is up to date & no issue, however when i got into mortgage westpac offered / promote me a personal loan for furniture & etc.. I agreed with the condition that they will add this into my mortgage in 12 months time. they confirmed & said I...
  3. R

    NSW Trusts, Coporate Trustee, Asset Projection

    We have several registered trusts which are managed by a corporate trustee. One of the Trusts owns a property in NSW, the title of the property is recorded under the corporate trustee’s name as you cannot register property under a trust. But what we did filed a Caveat on the property, and the...
  4. Ian Curtis

    NSW Can a Tribunal Order a Public Trustee to Stop Their Fraudulent Witholding of Documents from Centrelink?

    Public Trustee have refused to notify Centrelink that their client's house is being rented. I believe this is actually criminal fraud and stated as much in a Tribunal hearing. Before adjourning I asked that the Member order the Trustee to forward the information (including rental receipts and...
  5. Ian Curtis

    NSW Tribunal Summons Refusal - Unreasonable Protection of the Public Trustee?

    See attached. Seems to me to be implying that if TAG have not conducted their investigation into the lockout as promised they are allowed to stonewall rather than be made by NCAT to admit there was no investigation. Also the implication that if the $100k estimate of expenses is completely...
  6. B

    NSW Trustee vs beneficiary

    Trustee vs beneficiary I have a property dispute with partner on rural property. On OP request we engaged a Private trustee, property auctioned off 18 June, 90 days settlement. Suddenly, a week ago the trustee is insisting that my family vacates, 4 weeks before 16 September settlement date...
  7. M

    VIC Is a trustee required to prove their age before being granted the position

    Before being granted probate & the position as trustee of an estate through the Supreme Court is the trustee required to prove their age. Probate records show the court requested a future trustee of the estate present to the courts when turning 21 to prove their age. There are records for the...
  8. M

    VIC What is required if a life interest trustee sells the estate after one of the beneficiaries passes away?

    Can a trustee who has a life interest of the Net Income from an estate keep all the finances of sale if a beneficiary passes away before selling? The beneficiary had approved the sale of the estate before passing.
  9. joshwheeler89

    VIC Can a state trustee sell a property without beneficiaries consent?

    My mum recently passed away and the executor of the will has chosen to hand it over to state trustees, the will states that the trustee shall not so far as they are legally able to affect a sale on the property without the consent of the children, and that it is to be made available for thr...
  10. K

    Change of a trustee due to death triggers tax assessment for US stocks held in fund via 706-NA form.

    My wife and i have been trustees of our superfund since 2013. The fund is not complex and assets are spread across a cash account, term deposit, Aust stocks and US stocks. My wife passed away in May 2020 and my son was then installed as the second trustee. My wife's assets were transferred to...