Trusts need careful planning to achieve their objectives. Trustees must manage the trust efficiently and keep full and proper accounts.
Trustees have a duty to:
Know the terms of the trust
Act according to the terms of the trust
Act honestly and in good faith
Exercise stewardship over the trust property for the beneficiaries or the purpose of the trust
Act for the benefit of the beneficiaries or for the purpose of the trust
Exercise trustee powers for a proper purpose
Keep full and proper accounts
We recommend that trustees:
Open a separate bank account for the trust. Trustees should deposit all trust income into the account and pay all trust expenses and distributions from the account. The account should not be used for personal transactions.
Record all investments
Meet at least annually, to review the trust investments and the needs of the beneficiaries
Record their decisions in writing
Prepare annual financial statements
We have extensive experience and offer specialist advice on creating and managing your trust.
Buying a Rental Property
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.
