Just as a motor vehicle should be subject to regular tune-ups, so too a trust should be subject to review from time to time.
This means considering the following sorts of questions:
- Are the trustees and assets of the Trust properly documented?
- Do all of the trustees have a copy of the Trust Deed, and have they read it?
- Are the trustees fully aware of the extent (and limitations) of their powers?
- Would it be sensible for any of the trustees to retire, and if so, should others be appointed)?
- Is the Trust Deed still fit for purpose, or does it require modification?
- Do all of the beneficiaries know that they are beneficiaries?
- What is the Trust’s financial position and are all of the Trust’s assets properly accounted for?
- Is there any outstanding gifting to be done?
- Does the Trust still effectively serving a useful purpose?
- Is the Trust fully compliant with the requirements of the Trusts Act 2019?
A regular review will keep a trust’s legal machinery in good order, which will in turn keep it running smoothly.
For further information, or to make an appointment please contact Chris Lucas or Jeremy Callander, or call us on 03 477 8080.