Home – New Forums Money matters Discretionary Trust – removal of Trustee

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  • #998759
    sez56
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    The Trust deed provides for the Appointer to “appoint a new Trustee in the place of an existing Trustee or in addition to and jointly with an existing Trustee and the power to remove a Trustee”. The remainder of the Deed is silent on the circumstances in which the Appointer can remove the Trustee. Can anyone shed some light on this?

    #1215920
    Paul – FS Concierge
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    Hi And Welcome to Flying Solo [USER=111361]@sez56[/USER] . It is great to have you!

    Thank you for joining our community and posting today.

    Cheers

    #1215921
    James Millar
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    sez56, post: 260252, member: 111361 wrote:
    The Trust deed provides for the Appointer to “appoint a new Trustee in the place of an existing Trustee or in addition to and jointly with an existing Trustee and the power to remove a Trustee”. The remainder of the Deed is silent on the circumstances in which the Appointer can remove the Trustee. Can anyone shed some light on this?

    If the deed says the Appointer can can appoint a replacement then it sounds like the problem is solved. The trust must have a trustee so its not surprising that the removal and replacement is a single process.

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    #1215922
    akagrp
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    Hello

    Most Trust Deeds allow for the removal and appointment of the Trustee, but any such action should not be undertaken without first speaking to a lawyer that specialises in trusts, as in many states a change to Trustee requires a legal document to be executed and can also have stamp duty implications, and some in NSW most deeds include a clause that the departing Trustee can no longer be a beneficiary , so important to undertake care.

    Is the trustee a corporate trustee or individual?

    #1215923
    PRO
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    Deed of Appointment and Retirement of a Trustee is the common way to do it. Should be drafted by a lawyer. Alternatively you might find one on an online provider but would have zero insurance cover if you stuffed it up

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