About trust

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 March 2016 Dear Members,
Actually one of our Clint is managing trustee in the trust.Now other trustee of the same trust want to be managing trustee.Could anyone please tell me the process for changing their positions.Please help me its very urgent.

Thank You

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2016 Please tell me if anyone knows about it

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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14 July 2024 Changing the position of a managing trustee within a trust typically involves following certain legal procedures as per the trust deed and relevant laws in your jurisdiction. Here’s a general outline of the process:

1. **Review the Trust Deed**: The first step is to carefully review the trust deed. The trust deed usually contains provisions regarding the appointment, removal, and resignation of trustees, including the managing trustee.

2. **Trustees' Meeting**: Convene a meeting of the trustees of the trust. This meeting should be conducted as per the procedures laid down in the trust deed and should have quorum as required.

3. **Resolution**: During the trustees' meeting, a resolution should be passed to appoint the new managing trustee and to remove the current managing trustee (if applicable). The resolution should clearly state the decision of the trustees to change the managing trustee.

4. **Documentation**: Prepare necessary documentation such as:
- **Resolution**: A written resolution signed by the trustees detailing the decision to change the managing trustee.
- **Consent**: Obtain written consent from the trustee who is to be appointed as the new managing trustee.
- **Acceptance**: Ensure that the current managing trustee accepts their removal (if applicable) and that the new managing trustee accepts their appointment.

5. **Notification**: Notify relevant authorities about the change in managing trusteeship if required by law or regulation. This may include informing the local registrar of trusts or other regulatory bodies.

6. **Registration**: In some jurisdictions, changes in trusteeship may need to be registered with the relevant authorities. Ensure compliance with any such registration requirements.

7. **Handover of Responsibilities**: Once the appointment is confirmed and all formalities are completed, facilitate a smooth handover of responsibilities from the outgoing managing trustee to the incoming managing trustee.

8. **Legal Advice**: It is advisable to seek legal advice from a qualified lawyer or a legal advisor who specializes in trust law to ensure that all procedures are followed correctly and to avoid any legal complications.

9. **Tax Considerations**: Consider any tax implications that may arise from the change in trusteeship, especially if the trust holds assets or generates income.

Each trust may have specific requirements and procedures outlined in its trust deed or under local laws. Therefore, it's essential to refer to the trust deed and possibly consult legal counsel to ensure compliance with all legal and procedural requirements during the process of changing the managing trustee.

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