28 Dec Family Trusts and the Role of the Independent Trustee
Posted at 14:10h
in Auckland law firm LEGAL TIP of the Week
Some items to consider as an Independent trustee on a Family Trust. But first, who could be an independent trustee on a family trust. This role could be filled by either an individual, or a company, as long as these persons or entities are not beneficiaries of the trust.
- If you are an independent trustee on a trust, have you limited your liability to the assets of the trust?
- When you resign as a trustee, does your personal responsibility end with your resignation?
- As a trustee are you taking an active part in the decision making process and do you meet at least once a year?
- You have a responsibility to all the beneficiaries of the trust.
For more information or to discuss further with a trust and asset planning professional please contact the team at Auckland law firm Quay Law.