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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.

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Lawyer in Profile

Daniel Hui
Daniel Hui
PH: 61 3 9258 3563

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

Daniel advises extensively in the following areas:

  • structuring of businesses and transactions;
  • mergers and acquisitions;
  • corporate reorganisations;
  • sale of businesses; and
  • joint ventures and property developments.

His advice covers both direct and indirect tax considerations.

Prior to joining Maddocks, Daniel worked at a Big Four Chartered Accounting Firm focusing on tax consulting for mergers and acquisitions.