Home Forums Money matters trust deed update

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  • #1000452
    beesknees
    Member
    • Total posts: 10

    Hi all,

    I’ve asked this to my accountant who didn’t understand what the bank person wanted so I thought I’d double check before I ask another one so I’m not missing something in case anyone knows here.

    We’ve recently changed bank accounts to another bank. Our family trust was setup in 2017 with a corporate trustee which had a director (a relative). In 2019 my husband was made the director of the trustee and the relative finished up as director. All that has been updated with ASIC and can be found on a search. The original trust deed has the relative signing the trust deed on behalf of the trustee.

    Fast forward to now and a new bank account, the bank person (who honestly was pretty hopeless with it all) is insisting we need to get a new signed page with the new director signing the deed on behalf of the trustee.

    To me that makes no sense – as long as the trustee has not changed who cares which director signed the trust deed as long as they were a legitimite director.

    Would a new signed page not mean a new trust deed?

    Am I missing something? She’s insisting if she can’t get a new signed page she can’t file the trust with the head office.

    Thankyou in advance!

    #1224432
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,183

    If you don’t get an answer here, I can suggest ASIC and also whoever did the original Trust Deed for you.

    Anything you do with Companies and Trusts needs to be very precise. I am assuming that the Director you refer to is a Director of a Company that is acting as Trustee for the Trust?

    #1224433
    bb1
    Participant
    • Total posts: 4,485

    So you think a forum will give you a different answer to what your bank wants. Even if someone here says that you can do it differently, you are still having to comply with the banks requirements.

    I’m confused why the issue, reading your post your bank wants the current signatory, and you want to give an old signatory, from a reasonable persons perspective, it seems fair the bank wants current not old.

    #1224434
    James Millar
    Participant
    • Total posts: 1,703
    beesknees, post: 271357, member: 82499 wrote:
    Hi all,

    I’ve asked this to my accountant who didn’t understand what the bank person wanted so I thought I’d double check before I ask another one so I’m not missing something in case anyone knows here.

    We’ve recently changed bank accounts to another bank. Our family trust was setup in 2017 with a corporate trustee which had a director (a relative). In 2019 my husband was made the director of the trustee and the relative finished up as director. All that has been updated with ASIC and can be found on a search. The original trust deed has the relative signing the trust deed on behalf of the trustee.

    Fast forward to now and a new bank account, the bank person (who honestly was pretty hopeless with it all) is insisting we need to get a new signed page with the new director signing the deed on behalf of the trustee.

    To me that makes no sense – as long as the trustee has not changed who cares which director signed the trust deed as long as they were a legitimite director.

    Would a new signed page not mean a new trust deed?

    Am I missing something? She’s insisting if she can’t get a new signed page she can’t file the trust with the head office.

    Thankyou in advance!

    You are correct there has been no change in trustee in your example above so there is no requirement or option for the new director to sign the deed. It’s a simple matter of them confirming that the trustee is managed by this individual (simple ASIC search) and that should be enough. I would speak with a different banker or different bank.

    Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900
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