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
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julia.tonkin@maddocks.com.au
Qualifications: BA, LLB, University of Melbourne
Julia is a Partner in Maddocks Corporate and Private Clients team. Julia has extensive expertise in:
- estate planning, structuring for succession of ownership and control of private and family businesses.
- charities and not-for-profit space.
Julia's clients include high net worth individuals and families and privately held businesses.
Clients value Julia's empathic, common sense yet technically sound approach to complex legal (and often interpersonal) issues.
She has been recognised as an Accredited Specialist by The Law Institute of Victoria with an accreditation in Wills & Estates Law. She has also been recognised in Doyles Guide for Wills, Estates & Succession Planning Law Recommended - Victoria in 2023.
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