Trust Administration:

 

Trusts are a great vehicle to control and protect family wealth and to mitigate inheritance tax.  However, the administration associated with trusts to ensure they achieve what they were created for can be onerous, but that's where Cristine Benn of Bespoke Administration Services can help.

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Trustees have many duties and responsibilities and failure to adhere to them may result in Trustees' being in breach of trust and a personal liability arising.  Despite Trustees undertaking their role diligently, unless decisions and meetings and actions are documented, it can be difficult to show H M Revenue & Customs or beneficiaries that the trust has been run correctly. 

 

Guidance can be provided on when it is desirable to prepare a document or when it is essential.  For example, it can be helpful to prepare a basic document to prove why a certain course of action was taken.  This can avoid the need to trawl through several years of correspondence to try and justify a decision made sometimes several years previously. 

Cristine Benn has many years of experience in dealing with the administration arising from Trusts and she advises Corporate Trustees and lay Trustees on their duties and responsibilities in line with The Trustee Act 2000. 

 

Cristine can cross refer to professionals who specialise in trust structures, accountancy and independent financial advice or provide legal documentation and specific tax advice.

 

Services and Administration available:

  • Trust reviews;
  • Preparation of Agendas;
  • Chairing/or acting as Secretary at Trustees' meetings and providing minutes;
  • Liaising with Beneficiaries;
  • Guidance on documentation required and preparation of Resolutions;
  • Guidance on any action required when key dates arise e.g. 10th anniversary of trust, beneficiaries reaching age of entitlement;
  • Guidance on what questions to ask when appointing an Investment Adviser;
  • Preparation of Trust Investment Policy Statements;
  • General administration arising e.g. invoicing, receipts, bank account management;
  • Referrals to trusted professionals if required;
  • Storage of documents;
  • Guidance on distributions to Beneficiaries and highlighting opportunities in terms of whether distributions could be capital or income;
  • Trusteeship;
  • FATCA compliance.

Trust administration is specific and is determined by the Trustee Act 2000 in that certain items of administration are essential to ensure Trustees are protected and comply with their duties and responsibilities.