QLD Who Can be an Independent Trustee for Will and Estates?

[cheryle]

Sorry think I should correct my question. If I am the beneficiary of a will thats my share Iis in trust for a period of time. Can I appoint an independent trustee? Can that trustee be anyone I choose over 18 with normal mental capacity? Also can I choose the banking instution for my funds in my name?

So just to clarify, you are the beneficiary of a will and the will maker has passed away, and you have not yet been vested with the property. Is this because you are a minor (under 18) or because there is some condition in the will that you need to satisfy beforehand?

The will should name an executor. This executor will need to first obtain grant of probate. If the will did not also name a trustee to look after this trust, the executor decides who to appoint as a trustee. In the meantime, the executor is the trustee. The executor may decide to act as trustee personally, in which case they will need to appoint themselves as trustee.

In practice, I would recommend you speak with the executor and nominate a trustee (over 18 and of mental capacity). However, it is your executor who has the ultimate right to appoint.

So just to clarify, you are the beneficiary of a will and the will maker has passed away, and you have not yet been vested with the property. Is this because you are a minor (under 18) or because there is some condition in the will that you need to satisfy beforehand?

The will should name an executor. This executor will need to first obtain grant of probate. If the will did not also name a trustee to look after this trust, the executor decides who to appoint as a trustee. In the meantime, the executor is the trustee. The executor may decide to act as trustee personally, in which case they will need to appoint themselves as trustee.

In practice, I would recommend you speak with the executor and nominate a trustee (over 18 and of mental capacity). However, it is your executor who has the ultimate right to appoint.

So I have no right to appoint my trustee. Because I dont trust the executor

 

[cheryle]

So just to clarify, you are the beneficiary of a will and the will maker has passed away, and you have not yet been vested with the property. Is this because you are a minor (under 18) or because there is some condition in the will that you need to satisfy beforehand?

The will should name an executor. This executor will need to first obtain grant of probate. If the will did not also name a trustee to look after this trust, the executor decides who to appoint as a trustee. In the meantime, the executor is the trustee. The executor may decide to act as trustee personally, in which case they will need to appoint themselves as trustee.

In practice, I would recommend you speak with the executor and nominate a trustee (over 18 and of mental capacity). However, it is your executor who has the ultimate right to appoint.

Yes conditions that sibling rivalry have caused. The will says Im not good with finances and I have problems. I have always paid my own way. The sats 3 years in trust but executor saying for life. I had a quick read of will. But any sub info on it not sure.

 

[cheryle]

Yes conditions that sibling rivalry have caused. The will says Im not good with finances and I have problems. I have always paid my own way. The sats 3 years in trust but executor saying for life. I had a quick read of will. But any sub info on it not sure.

Please I need help here.

 

[winston wolf]

Cheryl I will be straight with you here.
If you want help you must answer the questions that the sarah j has asked like are you over 18?

 

[cheryle]

Ok

Cheryl I will be straight with you here.
If you want help you must answer the questions that the sarah j has asked like are you over 18?

Thanks winston Im 59years old

 

[Sarah J]

Hi Cheryle,

A beneficiary of a will has limited rights. A beneficiary can bring an action in court for a review of the actions/decisions of an executor, ensure that an executor acts within the best interests of all beneficiaries and effects/administers the will properly. A beneficiary may, in limited circumstances, remove a beneficiary or trustee with leave of the court.

From my understanding, a beneficiary cannot directly appoint a trustee. This is a power vested in the executor. If you are not happy with the executor's decision, then you can contest this in court on the ground that the executor is not fulfiling his or her fiduciary duties to the beneficiaries. Note that an executor owes a fiduciary duty to the beneficiaries as a whole, not any one particular beneficiary, and must therefore, act in the best interests of the beneficiaries as a whole. A trustee, on the other hand, only owes a duty to those particular beneficiaries who are under the trust.

 

[Sarah J]

If you don't trust the decisions of the executor, you can negotiate with the executor and ask him or her to appoint a public trustee. They are professional trustees governed by statute and can be considered "neutral" given that they do not favour either the executor or the beneficiary, but only act in the interests of the beneficiary and the trust.

 

[cheryle]

Thankyou Sarah

 

[winston wolf]

Is this correct.
You were left some money in a will?
This money was to be held in trust for you?
You think you should have the money to control your self?

 

[cheryle]

Is this correct.
You were left some money in a will?
This money was to be held in trust for you?
You think you should have the money to control your self?

Yes