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Specific Roles of an Executor

What does an Executor do?
Specific Roles of an Executor
Appointor – what does this mean?

Role of Trustees of Family Trusts

PAYG Instalments 20% Reduction
Granny Flats - are you entitled to Rent Assistance?
Interest Rates & Strategies
Change in Fuel Tax Credits
Appointor – what does this mean?

An appointor is a person with significant influence in a typical family trust. The primary role of an appointor under a trust is to “hire and fire” the trustee of the trust.


Thus, the appointor is the one who ultimately has practical control over the trust and careful consideration is needed before deciding who becomes the appointor.

In a typical family trust deed, the appointor may only be mentioned by what seems to be an afterthought, but the role is of great importance.

The capacity to remove a trustee, replace a trustee, reject a trustee’s appointment can be paralleled to the ultimate power of a company’s shareholders.

Implications of ownership therefore flow for income tax and Centrelink purposes.  An appointor should ensure the role is passed on to the most appropriate person via their will.

 

25th-February-2009