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Interpreting the powers and duties of a trustee

  • November 6, 2023

Home " Legal Blog " Wills and Deceased Estate Administration " Interpreting the powers and duties of a trustee

Interpreting the powers and duties of a trustee

  • Fundamental powers of trustees:
  • When setting up an estate, it is crucial to decide what powers the trustees should have for effective administration. By default, trustees are given powers. They may also have additional powers if the will contains estate-specific provisions. In addition, a will may grant supplementary powers. Trustees can diversify their portfolios as long as they follow the "prudent trustee" standard. Regular review of trust investments is mandatory. If there is a need for very regular investments, such as a family business, the will should contain clear instructions and indemnity provisions for the trustees.
  • Trustee with stock, farm and business operations:
  • Trustees may seek external advice on the management of the Trust and the Trust will bear any associated costs. Trustees dealing with shares may benefit from advice with members of the stock exchange. For agricultural wills, the trustees will need clear instructions about the operation, purchase of equipment, access to capital and leasing. Businesses under the trustees' management should also have guidance on leasing, raising capital and continuation of the business. If the trustees incur losses despite acting diligently, they should have indemnity provisions.
  • Special powers for child beneficiaries:
  • Young beneficiaries require unique considerations, including:
  • Appointment of testamentary guardian.
  • Providing financial support to guardians to improve their living conditions.
  • Clarify the distribution of capital and income for the well-being and progress of child beneficiaries.
  • Create specific trusts for surviving spouses and minors who benefit from the will, taking advantage of tax benefits.
  • It is essential to ensure that trustees act fairly towards all beneficiaries, unless favourable treatment is justified. Ensuring that trustees co-operate effectively and without bias is essential in the best interests of the beneficiaries.
  • Equal rights for children in wills:
  • Historically, sons have often been favoured over daughters in wills. Today, it is vital to favour equality between offspring. As there is significant capital in the land, provisions such as mortgages may need to be provided so that the beneficiaries continue to own the property. In a joint land ownership scenario, assets should be allocated with the wellbeing and financial stability of the surviving spouse in mind.
  • Concluding remarks:
  • Understanding and defining trustee powers is critical to the seamless execution of a will. Regularly updating and reviewing the provisions ensures that the trustee's actions are consistent with the beneficiary's intentions and the beneficiary's best interests. If you have any questions, please contact the experienced team at Chua Hing Wah & Co, pleaseclick hereLearn more, orContact UsOffice. Address Level 2, 262 Queen Street, Melbourne 3000, Phone 96023988

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