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WHAT ARE THE RESPONSIBILITIES OF A TRUSTEE? A trustee takes legal ownership of the assets held by a trust and assumes fiduciary responsibility for managing those assets and carrying out the purposes of the trust.
Under section 102AG (2)(a) ITAA 1936, income from a testamentary trust for children is classified as 'excepted trust income' and will be taxed at ordinary adult marginal rates against the trustee.
The trustee has the discretion to distribute income to as many beneficiaries as possible. Tax concessions for testamentary trusts aren't limited to income and capital gains from assets that exist in the trust at the time of your death.
What are my duties as trustee under the common law? Act in good faith and impartially between beneficiaries.Act in the best interests of beneficiaries.Duty to preserve trust property.Not to make a personal profit from the trust.Duty to account and provide information to beneficiaries.Duty to act in person.
A simple trust must distribute all of its trust accounting income (or FAI) annually, either under the terms of the document or under state law. A complex trust doesn't have to distribute all of its income or make principal distributions.
A simple trust, by the terms of its trust agreement, is required to distribute all of its income currently, cannot make charitable contributions, and does not distribute principal (Regs. Sec.
A trustee is required to complete trust distributions within a reasonable time. However, sometimes there are estate tax or other tax issues, property or other assets that need to be sold, beneficiary disputes or other issues that slow down the process.
Definition of a Complex Trust The trust must retain some of its income and not distribute all of it to beneficiaries.
There is no definite timeframe stated in our statutes. But the reasonableness standard still mandates a distribution be made timely. In fact, a Trust that has no issues, and only cash, may be reasonably distributed within four or five months of the settlor's death, not two years.
The Five Biggest Trustee Duties Follow Trust Terms. The Trustee has a duty to follow the Trust terms.Duty of Loyalty. A Trustee must be loyal to the Trust beneficiaries.Report Information and Accounting.Make Required Trust Distributions.Duty to Invest Prudently.