Re Smallacombe and Zausa [2019] NSWSC 1626

Re Smallacombe and Zausa [2019] NSWSC 1626

The Court is satisfied on the evidence that the beneficiary has been properly notified and consents, the retiring trustees have legitimate reasons for retirement, the Public Trustee has validly consented to appointment, and the requirements in the trust deed and by law are met. Orders for retirement, substitution and asset vesting in the new trustee are appropriate.

Jurisdiction
Australia
Judgment Date
22 October 2019
Procedural Posture
Equity / Application for Approval of Retirement and Appointment of Trustee
Outcome
Orders made as sought granting retirement of current trustees and appointment and vesting in the Public Trustee of Queensland; plaintiffs' costs to be paid out of the trust fund.
Legal Topics
['trusts and Trustees' 'appointment and Removal of Trustees' 'court Supervision of Trusts']
['equity'] ['trusts and Trustees' 'appointment and Removal of Trustees' 'court Supervision of Trusts']

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Procedural Posture

Equity / Application for Approval of Retirement and Appointment of Trustee

Legal Issues

  1. 1 ['Whether the Court should approve the retirement of the current trustees and appoint a replacement trustee for the Jennifer Zausa Trust' 'Whether the beneficiary should be joined as a party to the proceedings']

Ratio Decidendi

The Court is satisfied on the evidence that the beneficiary has been properly notified and consents, the retiring trustees have legitimate reasons for retirement, the Public Trustee has validly consented to appointment, and the requirements in the trust deed and by law are met. Orders for retirement, substitution and asset vesting in the new trustee are appropriate.

Court Disposition

Orders made as sought granting retirement of current trustees and appointment and vesting in the Public Trustee of Queensland; plaintiffs' costs to be paid out of the trust fund.

Orders

  • ['Steven Brian Smallacombe and Helen Bernadette Zausa retire as trustees of the Jennifer Zausa Trust at 10am on 2 December 2019.' 'The Public Trustee of Queensland appointed as trustee of the Jennifer Zausa Trust in substitution for the retiring trustees from 10am on 2 December 2019.' 'All assets of the Jennifer...