A Custodian Trustee hold the titles to the assets of the trust on behalf of the “Managing Trustees“. If the Trustees are natural person Trustees this simplifies the administration of the trust since the title deeds do not need to be amended every time there is a change to one of the trustees.
In South Australia a Custodian Trustee must be the Public Trustee – Section 17(1) of the Public Trustee Act 1995.
In Victoria State Trustees or an “approved corporation” – Section 71 of the Trustee Act 1958.
In Queensland any corporation may be appointed as custodian – Section 19(1) of the Trusts Act 1973.
In WA any corporation may be appointed as custodian - Section 15(1) of the Trustee Act 1962.