Trust Reviews:


Are you a Trustee and fully aware of your Responsibilities?


A review of a trust can often reveal areas that require attention or where documents should be prepared. For example:-

  • Have trustees’ meetings been held? and minuted? and have those minutes been signed by the trustees?
  • Have items for action been followed up?
  • Have annual trust accounts been prepared? and signed by the trustees? and provided to beneficiaries?
  • Have Resolutions been prepared to record a specific course of action or change in strategy? e.g. noting why an investment risk profile was amended, or why out of the ordinary capital gains were incurred, or the rationale for a particular distribution to a specific beneficiary.
  • Are the terms of the trust easily found? e.g. does the trust file have an information sheet containing the “every day” clause numbers or terms of the trust?
  • Is up to date information on all beneficiaries held? e.g. When was the last bankruptcy search undertaken for a life interest? Is up to date evidence of identity held?  Are you aware of any means tested benefits a beneficiary may be claiming?  Are you, as a trustee, fully aware of their circumstances and the implications of making a distribution?
  • Is there an Investment Policy Statement?  When was it last reviewed and updated?  Is a general review of the investment adviser warranted?
  • Are key dates diarised?
  • Does your Trust need to register with the IRS for FATCA?

The above is a small sample of issues that a comprehensive review can reveal. By highlighting areas that require attention, assistance may be provided to ensure that you as a trustee are complying with your duties as outlined in the Trustee Act 2000.


A checklist or information file can be provided for your trust to ensure ongoing monitoring is maintained and retrieval of key data is readily to hand.