Welcome to the BETA version of cleardocs.
Switch back to classic

This article is more than 24 months old and is now archived. This article has not been updated to reflect any changes to the law.

clearlaw

Preparing a trustee's minute: discretionary (family) trusts

The trustee's minute serves as a record of a trustee's resolution or decision made under a trust deed.

One key issue faced by trustees and accountants is how to make the resolutions correctly and prepare minutes to both properly reflect and give effect to the decisions.

Cassandra Townsend, Thomson Reuters

Trustees of discretionary trusts can make decisions:

  • where there are individual trustees — at meetings;
  • where there is a corporate trustee with more than 1 director — at meetings of directors, or by all of the directors signing a set of resolutions; or
  • where there is a corporate trustee with 1 director — by the sole director signing a set of resolutions.

To assist with a trustee's proper record keeping, Cleardocs is developing a range of meeting minutes and resolutions for administration of a discretionary (family) trust. These cover:

  • establishment of the trust;
  • opening a bank account for the trust;
  • distribution of trust income;
  • amendment of the trust deed;
  • appointment of a trustee in place of a retiring trustee;
  • appointment of an appointor; and
  • winding up of trust.

Keep an eye on our site in coming weeks…

More Cleardocs information on related topics

You can read earlier ClearLaw articles on a range of trust topics.

Order Cleardocs trust packages

 

Lawyer in Profile

Andrew Wright
Andrew Wright
Senior Associate
PH: 61 3 9258 3362

Andrew is a lawyer in the Maddocks Tax & Revenue team.

Andrew provides advice on:

  • structuring of businesses and transactions;
  • mergers and acquisitions;
  • corporate reorganisations;
  • sale of businesses;
  • fixed and discretionary trust deeds; and
  • international tax structuring.

His advice covers both direct and indirect tax considerations.

Prior to joining Maddocks, Andrew was a tax consultant at a Big 4 Chartered Accounting Firm.