Trustee Company Definition
A trustee company, or trustee corporation, provides a wide range of wealth management services including estate planning, administering deceased estates, managing the financial affairs of persons unable to look after their own interests, and administering charitable trusts and foundations. They are authorised under individual State or Territory legislation to carry out those duties and must also comply with the relevant Trustee Act in their state or territory. Trustee corporations are supervised by the relevant Attorney General or equivalent, and are required to maintain adequate levels of capital and insurance and to carry out their duties in an ethical, professional and efficient manner.
There are 11 private trustee corporations in Australia as well as a number of state-based public trustees. The peak body for trustee corporations is the Trustee Corporations Association of Australia (TCA).
In Australia, trustee companies administer a large number of charitable trusts and foundations.
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