Q&A
How do I choose a trustee for my discretionary trust?

Answer:

The trustee is the person / legal entity responsible for administering the discretionary trust in accordance with the terms of the trust deed.

The trustee is appointed by the settlor of the trust (the person who creates it). The trustee may be one or more individuals or a private company specifically set up to act as a corporate trustee. Despite expenses it is generally advisable to have a corporate trustee to reduce personal liability and avoid unnecessary administration.

Answered by Lachlan McKnight

Lachlan is the CEO of LegalVision, an innovative and tech-driven law firm. LegalVision is disrupting Australia and New Zealand's legal industry and transforming the way in which businesses access legal services. He previously worked as a corporate lawyer and investment banker in London, Paris, Amsterdam and Hong Kong. Lachlan specialises in banking and finance, capital raising and startups.

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