Page 55 - Estate Planning Documents

separate trust fund for the General Beneficiary absolutely, with the power to the Trustee
pending payment or application thereof to such General Beneficiary, to invest or apply for the
benefit of such General Beneficiary or deal with such fund or any resulting Net Income from
such fund or any part thereof in the manner provided for in this Schedule in relation to the
trust.

34. The Trustee

34.1 The initial Trustee of the Beneficiary Controlled Testamentary Trust shall be the Primary

Beneficiary, or in the case of a Primary Beneficiary under the age of 25 years, the Executor or
another party nominated by the Primary Beneficiary or Executor, subject to the succeeding
subclauses of this clause.
34.2 A Trustee may at any time it thinks fit resign by written instrument and giving notice to the
Appointor (if any).

34.3 If upon the resignation of a Trustee as contemplated by the preceding subclause, there is no
remaining trustee, the Appointor (and if there is no Appointor, then the resigning Trustee)
shall be required to appoint a new Trustee or Trustees in succession whereupon the resigning
Trustee shall transfer the assets of the trust to such new Trustee or Trustees.

34.4 The Appointor shall have the power, from time to time, to remove a Trustee from office and
to appoint a new or additional trustee in its place by written instrument.

34.5 If the Trustee (or in the case of 2 or more Trustees, each of the Trustees) is or becomes a
Disqualified Person, then they shall cease to be a Trustee and:
a) My Executor (other than a Disqualified Person); or
b) Where the person is or was my sole Executor, the persons (other than the Disqualified
Person) named in this Will to be substitute Executors

shall be or assume the role of Trustee, or one of the Trustees in the Disqualified Person’s place
provided that if the condition that caused the Trustee to be a Disqualified Person ends, is
reserved or otherwise ceases to apply, then that former Trustee will assume their position as
Trustee, or if several Trustees are in office jointly, then with the other Trustees at that time.
34.6 Where there are several Trustees appointed, such Trustees must act jointly.

34.7 The Trustee shall not be responsible or liable for:
a) Any loss or damage arising from its administration or management of the trust by
exercising (or failing to exercise) any discretion or power or by law conferred on the
Trustee; or
b) Any breach of duty of trust whatsoever;
unless such act is proved to have been committed, made or omitted in bad faith or dishonesty
of the Trustee.

34.8 The Trustee acting in good faith will be entitled to be indemnified out of the trust in respect
of:
a) All liabilities incurred in executing (or failing to execute) any powers, duties,
authorities or discretions vested in the Trustee in this Schedule;

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