Family enterprises often use Discretionary and Unit Trusts as legal vehicles for structuring their assets. When a trust is part of a will, a dispute may arise among the remaining trustees.
Claims may be made against trustees if they fail to comply with their duties or responsibilities, which include the need to:
- comply with the terms of the trust;
- take control of trust property;
- act impartially and fairly between the beneficiaries;
- exercise care and diligence;
- act honestly and in “good faith”;
- keep accounts and proper records, and to provide information;
- act unanimously (unless the trust instrument provides otherwise); and
- act personally by making certain decisions themselves.
Whether you are a trustee, beneficiary or other interested party, Streeterlaw Sydney lawyers has the expertise to advise you on the best course of action when a dispute erupts over a family trust.