Who can be trustee
A trustee is the person or entity responsible for administering a trust. The trustee can be one or more individuals, or a company also known as a Corporate trustee.
A trustee must understand and act under the terms of the trust. The terms of the trust may be:
- set out in a trust deed
- contained within the terms of a Will if it's a testamentary trust.
Responsibilities of a trustee
A trustee has obligations to avoid breaches of their duties and responsibilities. They are liable to the beneficiaries for any loss resulting from such breaches. The trustee must also not allow their own personal interests to conflict with the interests of the beneficiary.
The responsibilities of the trustee are to:
- ensure the property or assets are protected throughout the trust lifetime
- provide adequate information to the beneficiaries about trust records
- act honestly and in the best interests of the beneficiaries.
The trustee manages all financial matters relating to the trust including:
- paying any taxes or other liabilities
- keeping adequate records
- seeking advice on any investments.
The responsibility of a trustee can be ongoing, complex and require a lot of effort. If you’re establishing a trust, you should carefully consider the person or entity you choose for this role.
Queensland Public Trustee as trustee
As part of fulfilling our public purpose, Queensland Public Trustee acts as trustee for the following types of trusts:
Queensland Public Trustee also administers a small number of general trusts when it is established through a deed or Court Order that the trust is to be administered by Queensland Public Trustee.
The testamentary and minor trusts we administer are established in the following ways:
- By the Supreme Court, where a person without legal capacity receives damages for personal injury in a court case.
- By legislation, where a person without legal capacity receives financial compensation as a victim of an accident or crime, or a child is beneficiary of superannuation payments from a deceased parent.
- By the terms of a Will, where a person is named a beneficiary of a trust established under a Will and Queensland Public Trustee is named as the trustee.