Appointment of new trustee by registered deed. Declaration by the executor pursuant to s11 Trustee Act 1925 An executor may, after their executorial duties have been duly performed, make a declaration to the effect that they cease to hold the property (real and/or personal) as executor and hold the property as trustee or as a beneficiary. Declaration of trust is a formal statement that assets, including Old System land and Torrens Title land, are held by one party on behalf of another. Deed of trust or settlement creating a trust sets out the relationship or association between parties by which real and/or personal property usually belonging to the party creating the trust is vested in or held by one party on behalf of and for the benefit of another. Delegation of trust an appointed trustee who is absent from or is about to leave New South Wales, may delegate their duties as trustee to another party capable of performing those duties. Disclaimer of trust enables an appointed trustee to renounce their appointment. Retirement and appointment of new trustee a new trustee may, by registered deed, be appointed on the retirement of a trustee. Retirement of a trustee discharges the trustee from their duties and the trust property is jointly vested in the continuing trustees. Variation of a trust terms and conditions in a trust may be varied.