Trust Administration & Independent Trustee Services
Establishing a trust and transferring assets into it is just the first step in creating a flexible vehicle for asset protection and management.
To maintain the benefits of asset protection, it is essential that the trust is properly administered. The trustees are responsible for this administration, and failure to do so is one of the main reasons Courts may scrutinise a trust and potentially compromise its assets.
To preserve the integrity of your trust, trustees should:
- Meet annually to review the trust’s affairs, assets, and the needs of the beneficiaries.
- Review any advances or gifts made to the trust, such as transfers of personal funds to the trust to purchase assets and personal funds used to cover improvements (e.g., renovations, landscaping) on trust assets.
- Record any such advances or gifts.
- Ensure all trust transactions are documented through appropriate trustee resolutions and kept in a trust manual or minute book.
- Prepare necessary annual financial statements for the trust.
Independent Trustee Services
We are available to act as independent trustees.
As trustees can be personally liable for debts incurred by the trust, we assess each request to act as a trustee on a case-by-case basis. We expect to be actively involved in the administration of any trust for which we are appointed, and would typically prepare financial statements and serve as the trust’s tax agent to meet our fiduciary obligations.
At a minimum, we recommend an annual trustee meeting to review the trust’s financial position and discuss any necessary distributions or disclosures to beneficiaries. For major transactions, trustees should be informed and approve the transaction before the trust commits to it.
For active trusts with significant investments or regular transactions, more frequent meetings may be necessary. While we do not provide formal investment advisory services, we can assist with trust management and administration.
Our Independent Trustee Services Include:
- Maintaining trust records.
- Preparing trustee resolutions in collaboration with your legal advisors.
- Facilitating trustee meetings, including preparing agendas, taking minutes, and addressing action items.
- Handling queries related to trust transactions.
- Filing trust tax returns and ensuring required disclosures to Inland Revenue.
With extensive experience helping families successfully transition wealth through generations, we take pride in our expertise in trust management. We aim to ensure that trusts are properly administered to protect assets, uphold the trust relationship, and minimise the risks of claims from third parties or beneficiaries.
For more information or assistance, feel free to contact one of our trust experts today.