Corporate trustee name

What is a corporate trustee? Can a corporate trustee add a director? Do I need to name a corporate trustee? Who is the trustee of a trust? As they are companies, directors of a trust also enjoy the protection of limited liability.

Generally, directors cannot be personally liable for external legal issues involving the trust. A corporate trustee may also be named as a co-trustee or an agent to work with an individual trustee. This is discussed more fully in OG 39. The company is a registered company, much like any other company, but it is often incorporated with the sole purpose of acting as trustee.

This means that the company will not conduct business. Like any other company, the corporate trustee has shareholders and directors. A company that carries out trust business or acts as a corporate trustee , or whose name includes the words trust corporation or trust company , does not necessarily have trust corporation status. You could also name a corporate trustee as agent.

While a co-trustee has equal responsibility with you (usually both signatures are required to transact business), an agent can have as much responsibility as you wish. Trustee : A trustee is a person or firm that holds and administers property or assets for the benefit of a third party. A trustee may be appointed for a wide variety of purposes, such as in the. Many estate plans do this and it makes sense.

It’s impossible to. Given the trustee 's complex responsibilities, you may wish to consider naming a corporate trustee : typically a bank trust department or a trust company that can perform the duties of a trustee. Most people choose either a friend or family member, a professional trustee such as a lawyer or an accountant, or a trust company or corporate trustee for this key role. Corporate Trustees cost more, so make sure you really need one. While a co- trustee has equal responsibility with you (usually both signatures are required to transact business), an agent can have as much responsibility as you wish.

It is necessary to register your company if you choose this structure. For some, little consideration is given when naming a corporate trustee. It may seem logical to name the corporate trustee in line with the intended business name.

Whilst there is nothing wrong with this approach, difficulties will arise when registering the business name. Trusts - corporate trustee Fast set up of unit, family and hybrid trusts and registration of the company that will be the corporate trustee of your trust $ 643. Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any person who holds property, authority, or a position of trust or responsibility to transfer the title of ownership to the person named as the new owner, in a trust instrument, called a beneficiary. Only the trustees’ names are shown on the public register. Whenever a trustee stops being a trustee you need to remove their details.

If you get a new trustee, you need to add their details. Just changing the corporate trustee name would not constitute a change of trustee - so no problem there. It would be wise to document the change and attach to the deed.

After that you will need to update records with the ATO and any other agencies.