trustee

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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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  1. 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...
  2. 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.
  3. 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...
  4. 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...
  5. S

    NSW tax implications for Trustee

    Hey there everyone, I have been trowling through the ATO site to find this answer... I can't get through to them so I thought I would try here.... I am one of 6 siblings. Both parents have passed (within a couple of weeks of each other) and the estate administration is in a shambles. For some...
  6. N

    WA Trustee for a minor's bank account

    If you are a trustee for a minor's bank account, is that bank account an estate or non-estate asset? It seems obvious that its a non-estate asset as the child is the nominated beneficiary. But I can't seem to find what happens if the trustee dies? Could their be another trustee outlined in the...
  7. T.M.Milo

    WA Getting my life back

    I want to resume control of my own finances and cancel the Public Trustee arrangement. tHow do I cancel it?
  8. T.M.Milo

    WA Cancellation of Public Trustee

    If I’m a beneficiary in a public Trustee arrangement that I dispute and want to opt out of. How can I organise to cancel it.
  9. C

    VIC Superannuation - Help with Legal Definition of “Lost Member”?

    Hi, I recently discovered an old superannuation account that was started in 2003. No contributions were ever made, apart from the initial rollover amount. All money has been eaten up over the years by insurance premiums and fees. I believe the trustee should have reported my account to the...
  10. K

    Corporate Trustees and Trust Deeds

    I am looking to establish a corporate trustee trust structure ( Corporate trustee -> Trust -> Holding Co -> Operating co) for a startup, where the corporate trustee holds 100% of the shares in the holding company on trust for the beneficiaries. My confusion has come around how to make the shares...