Application of Browne as executor of the estate of Russell [2021] NSWSC 1340

It is expedient to appoint a new trustee under s 70 of the Trustee Act 1925 (NSW) or the inherent jurisdiction of the Court when the nominated trustee disclaims appointment; this ensures administration of the trust and benefits the sole beneficiary.

Parties: Plaintiff: Darryl Ian Browne
Jurisdiction: Australia
Judgment Date: 15 October 2021
Procedural Posture: Equity Application / Appointment of Trustee; Final Orders
Outcome: Application granted
Legal Topics: Appointment and Removal of Trustees, Testamentary Trusts, Court Supervision of Trusts

Equity Trusts and Trustees Appointment and Removal of Trustees Testamentary Trusts Court Supervision of Trusts

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Parties

Darryl Ian Browne

Plaintiff

Procedural Posture

Equity Application / Appointment of Trustee; Final Orders

Legal Issues

1 Whether appointment of new trustee of testamentary trust should be made under s 70 of the Trustee Act 1925 (NSW) or the inherent jurisdiction of the Court

Ratio Decidendi

Court Disposition

Application granted

Orders

Order that pursuant to s 70 of Trustee Act 1925 (NSW), or otherwise pursuant to the inherent jurisdiction of the Court, that the Equity Trustees Limited be appointed as trustee of the Special Needs Fund constituted by clause 11 of the will of the late Peter Russell dated 16 July 2015.
Order that the costs of the executor, Darryl Ian Browne, be paid out of the estate of the late Peter Russell, calculated on the indemnity basis.