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.