Trustee Service

Discussion in 'Wills & Estate Planning' started by FireDragon, 4th Feb, 2020.

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  1. FireDragon

    FireDragon Well-Known Member

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    I am planning to prepare a will, but instead of giving the assets to my children, I am thinking to set up a trust to hold all the assets. In this case I will need a company that provides trustee service to manage the assets and distribute the incomes.

    90% of my assets are properties in Australia, New Zealand and Hong Kong, I did some research but I can't find any large financial companies or bank that provide this service?
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    The trustee company
    Plenty out there. I think I have a recent tip on this in the legal sectiom
     
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  3. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    AET, Equity trustees, Trustee Company, Perpetual etc.

    ASIC of all people have a well hidden list : Register of certificates of transfer for licensed trustee companies | ASIC - Australian Securities and Investments Commission

    Most will do the will for free if they are appointed. They will have rules for trust assets. They may sell down on death if they arent compliant with their approved product list and limits. They will advise on this and their costs when you seek advice.

    Did you know that trustee companies also can safeguard documents. I know major lenders who outsource title deed custodian services to one major trustee company.
     
    Last edited: 4th Feb, 2020
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  4. FireDragon

    FireDragon Well-Known Member

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    Thanks for the replies. Just curious, after I've appointed a trustee company, what will happen if the trustee company closes down in the future? Am I correct that I need a person to be the Appointor to change the trustee? What if I can't find a suitable person to be the Appointor?
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Plus Member

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    These sorts of companies are regulated under the Corporations Act. I have never looked into it but if one company failed or closed for whatever reasons there is like to be legislation to allow another registered trustee to take over.

    You should seek legal advice on the terms of the trust, including any appointor provisions and who should have this power.

    Australian Executor Trustees Australian Executor Trustees

    Equity Trustees Equity Trustees | Home

    Australian Unity https://www.australianunity.com.au/pfs/trustee-home/estate-administration


    Public Trustees are trustee companies established by state governments

    NSW Trustee & Guardian Home | The NSW Trustee and Guardian

    Public Trustee and Guardian (ACT) Public Trustee and Guardian

    State Trustees (VIC) Executor Services - State Trustees VIC

    Public Trustee (WA) Public Trustee

    Public Trustee QLD About executor services - The Public Trustee of Queensland
     
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