We strongly recommend a formal deed be put in place for a change of trustee for the following reasons:
- in our experience, third parties generally expect to see a formal deed effecting the change;
- it will provide clarity around issues such as when the liability of the trustee begins and ends, and ensure the exiting trustee is sufficiently discharged from their liabilities; and
- the stamps office also expects to see a formal deed when the document is lodged for stamping. We note that a change of trustee is required to be stamped to be legally enforceable.