Complications with trustee duties
Published Date: 8 Feb 2024
A trustee’s duties to avoid conflicts, to not engage in self-dealings, to provide beneficiaries with documents of the trust, and to otherwise act in the best interests of the beneficiaries of the trust can cause substantial and unintended issues for the trustees of family trusts. This is particularly case where there are dealings between the trust and other companies and entitles of the same family, and where there has been a breakdown of relations between the trustee and one or more of the beneficiaries. Many of these issues can be avoided or minimised at the outset by the careful drafting of the trust deed and by the other means discussed in this article.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Already a Subscriber? Login now
Details
- Published By: Peter Speed
- Published On:8 Feb 2024
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Share this page