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.
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 ReutersTrustees 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
- Discretionary (Family) Trust
- Change of Trustee Discretionary Trust
- Unit Trust - fixed
- Unit Trust - non-fixed
- Change of Trustee Unit Trust
- Hybrid Trust
- Service Agreement
Lawyer in Profile
Special Counsel
+61 3 9258 3524
paul.ellis@maddocks.com.au
Qualifications: LLB, Deakin University, BA (Political Science), Monash University
Paul is a Special Counsel in Maddocks Government and Not-for-Profit Commercial team. He specialises in:
- the establishment, governance, operations, regulation and administration of charities and other not-for-profit entities,
- in commercial arrangements for the procurement or supply of goods and services, including technology services, and
- in compliance and enforcement activities undertaken by government agencies.
Paul is Maddocks' main authority in relation to the Personal Property Securities Act 2009.
He has an in-depth understanding of the government sector, as his experience prior to Maddocks includes 13 years with the Victorian Department of Justice.
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