Trusts need careful planning and administration to achieve their objectives. Trustees must manage the trust efficiently and keep full and proper accounts.
The Trusts Act 2019 imposes mandatory and default duties on Trustees.
The Act requires trustees to keep core trust documents for the lifetime of the trust. Core documents include the trust deed and variations to the deed, details of assets and liabilities, financial statements, records of trustee decisions, contracts, appointment and removal of trustees, letters of wishes by the settlor, and other documents necessary for the administration of the trust.
The Act requires trustees to provide beneficiaries with basic information about the trust. Basic trust information includes:
The Act lists factors the trustees must consider before providing information to beneficiaries and includes a procedure trustees must follow if they reasonably consider that information should not be disclosed.
We have extensive experience and offer specialist advice on creating and managing your trust.
Buying a residential or commercial rental property is a big investment. The wrong ownership and funding structure can cost you a lot of tax.
Consult us before you buy a property. We can advise you on a tax effective funding and ownership structure.