Trustee Support
Supporting Trustees: managing Trusts with confidence
Being a Trustee of a family trust (or a trust created under a will) carries significant legal responsibilities — which often involve the interests of a number of family members and can potentially continue for many years. With the legal responsibilities come the day-to-day responsibilities including management, administrative and compliance obligations. DLS Private Office provides ongoing administrative support to the Trustee - so that the Trustee can focus on important long-term strategic decisions while we handle the rest.
How DLS Private Office can help
- Payment of trust expenses and distributions
- Management of trust bank and investment accounts
- Liaison with accountants for trust tax matters
- Liaison with aged care consultants, carers and aged care providers
- Liaison with hospitals and healthcare professionals
- Payment of property related expenses (land tax, insurance, council rates and other utilities)
- Property management assistance
- Coordination with financial and legal advisors
- Secure custody of trust deeds and other records
- Ongoing compliance monitoring
We support you as Trustee – you manage the strategic issues and we handle the administrative burdens and record keeping obligations. We can also connect you with trustworthy third party advisors – including accountants, financial planners and investment managers – as and when required.
Nomination Flexibility
- A DLS lawyer as Trustee, supported by DLS Private Office; or
- A family member or associate as Trustee, with DLS Private Office providing support in the background.
Trustee Case Studies
Special Needs Trust
A client has a child with special needs. He had provided financial support to his son during his lifetime and when the client passes, wants to ensure the funds are preserved for the long term so that there are adequate funds available for his sons’ future needs.
The client appointed someone outside of the family to manage his sons’ interests when he passes away. That person will then engage DLS Private Office to handle the day-to-day support required.
Family Group Trust
A client has a substantial estate and three very capable children — but all of them lead busy lives managing their own businesses and families. None of them want to take on the burden of managing the day to day operation of the family trusts and companies within the group.
They will assume the role as co-trustees when the client lacks capacity to do so, but they will engage DLS Private Office to provide day-to-day support.
Litigation support
An estate is taking much longer than expected to administer given one of the beneficiaries has commenced legal proceedings against the estate.
While a lawyer from David Landa Stewart is retained to act on behalf of the estate to advise on the dispute, DLS Private Office is engaged until the dispute is resolved and the estate can be finalised. This includes the engagement of an external accounting firm to handle the tax and other accounting issues, as well as an external investment manager to assist with the management of the funds within the estate.
Charitable Trust
A client wishes to leave a legacy in her will to her favourite charity.
She nominates her son as the Trustee and the son in turn will engage DLS Private Office to manage the day-to-day aspects of the trust. The son handles the key issues such as the charitable giving strategy and DLS Private Office handles the rest.
