Module Application
What are the legal requirements of a trust in Australia?
What are the duties, powers and liabilities conferred upon trustees?
Does the organisation comply with all of its obligations as a fiduciary and trustee of a trust?
Module Scope
The TRUSTS module informs organisations acting as trustees of trusts about their legal obligations when administering a trust within the Australian legal framework. It provides guidance on the necessary policies and procedures to ensure compliance with fiduciary and trustee obligations.
The TRUSTS module provides a thorough understanding of the legal framework governing trusts in Australia. It encompasses the essential elements of a valid trust, along with an exploration of the powers and duties entrusted to trustees in their management of trust assets and property.
The TRUSTS module addresses a wide range of topics related to trustee obligations that are broken down as follows:
- Formation of a trust
- Appointment and replacement of trustees
- Licensing of trustee companies
- Rights, duties and powers
- Advancing and applying trust income
- Investments, stocks and securities
- Debentures
- Land and property
- Wills and estates
- Charitable trusts
- Taxation
- Trustee fees and remuneration
- Liability of trustees and their right of indemnity
- Dissolution of a trust
The specific questions and answers covered by the module are:
- What are the requirements of a valid trust in Australia?
- What are the duties, powers and liabilities conferred upon trustees?
- What policies and procedures should an organisation have in place to ensure that it complies with all of its obligations as a fiduciary and trustee?
- What are the consequences for breach of trustee duties?
- How does a trust come to an end?
By providing in-depth information and guidance, the TRUSTS module equips organisations with the knowledge needed to fulfill their obligations as trustees within the Australian legal system.