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Appointing trustees

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The following method is used to appoint trustees to trusts. It is used for both:

  • Unit Trusts — a trust in which the trust property is divided into a number of defined shares called units. The beneficiaries subscribe for the units in much the same way as shareholders in a company subscribe for shares.

  • Discretionary Trusts — generally a trust under which the distribution of income or capital to beneficiaries is made at the discretion of the trustee. Until the trustee exercises its discretion, the beneficiaries generally have no interest in the property of the trust. A discretionary trust is sometimes called a “family trust” (for tax reasons, however, a family trust means a trust that has made a family trust election).

To appoint a trustee
  1. Click Corporations on the Task Bar. The Corporations selection list opens. If the list is long, find the trust by searching or sorting.
  2. Select the trust and press [Enter], or double-click the trust. The trust opens at the Details tab.
  3. Click the Officers tab to display its contents.
  4. Click Appoint trustee on the Task Bar, or right-click the Officers tab and select Appoint trustee… from the menu. The Add Trustee window opens.
  5. Click 
    to open the Find a Contact screen.
  6. Find the desired person or company to act as trustee by searching or sorting.
  7. Click OK. To close the Find screen and add the new trustee.
  8. Select the Appointment Date from the drop-down calendar.
  9. Click OK. The new trustee’s details are added to the trust’s Officers tab.
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