Trust Formation and Administration

 

Preserving your wealth for generations to come.

Trust Formation and Administration

Trusts are commonly used by families for estate planning purposes as it serves as a vehicle in which assets can be managed for the benefit of family members for generations to come.

There are very strict rules contained in our legislation that apply to trusts, including around how trusts are managed, how beneficiaries are added or removed, and how trust deeds can be amended. This makes it essential to have a thorough trust deed in place to provide these rules for the trust.

All inter vivos trusts should have a professional, independent trustee on board, and be carefully administered, with the aim of avoiding adverse tax and legal consequences. We can assist with keeping the administration of the trust up to date.

 

Our responsibilities would include the following:


Ensuring compliance with the terms of the trust deed

Ensuring any applicable statutory requirement are adhered to

Arranging and conducting trustees’ meetings

Recording and circulating minutes of trustees’ meetings and decisions

Maintaining and safekeeping of the minute book

Determining the short, medium and long term income and capital needs of the beneficiaries

Preparing and maintaining an asset register

Procuring general tax advice relating to the trust, as required

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