hi Folks I've got an old discretionary trust which I have not used for a long time, it holds no assets. Is it possible to change the trustee that was initially named in the trust document? Would you recommend setting up a new trust instead of using the old trust?
You will have to read the deed and see if it allows the trustee to change. if it does how - who have the power and what steps need to be taken. Has the trustee held at least some property such as $10? Without it there would be no trust. Does the trust deed adequately allow for what you want to do? it may or may not be worth using.
I'm the appointor in the trust deed and it was a company named as trustee but this company has deregistered. the trus tpreviously held a small amount of shares. Sounds like I'll be better off setting up a new trust deed.
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