Trust Review Form

General Trust Purpose

Perhaps it is time to consider distributing the trust assets and winding up the trust. Particularly if it is not going to offer you the same protection that it used to. We can arrange a meeting to discuss the trust with you and whether it is still fit for purpose

Trustees

Perhaps due to age, illness or conflict of interest you may need to consider changing the trustees.

Assets

If yes, please provide details
If NO, you will need to complete a review to ensure that the assets are insured for their correct value. This could be a breach of your trustee duties. If YES, please provide details

Liabilities

If yes, please provide details

Financial & Management

If yes, please forward to us copies of bank statements for the last 12 months.
If yes, have we documented or will we need to document this advance to the Trust?
If yes, have we documented or will we need to document this as a distribution / loan repayment from the Trust?
If yes, please provide name and details
If yes, it may be appropriate for annual accounts to be prepared (if they are not already being prepared)
It is now a requirement of Inland Revenue that all trusts have IRD numbers. If your trust does not have an IRD number then you are in breach of your obligations and we will need to apply for an IRD number for the Trust. If you choose no to this question, we will contact you to discuss this further.
If yes, please provide details

BENEFICIARIES

The Trusts Act 2019 has placed an obligation on all Trustees of a trust to provide information to the beneficiaries, unless there are specific reasons to not provide this information. This obligation applies to us as well, as we are co-trustees of your Trust. The Trustees must also consider at regular intervals whether any of the beneficiaries need support from the Trust. Again, this obligation applies to us as well. It is therefore very important that each year we consider whether the beneficiaries need assistance, and whether disclosure should be made.

Beneficiaries

There is a mandatory duty on trustees that all beneficiaries’ needs be considered on a regular basis. As trustees with you, we all need to fulfil those obligations. Have you considered all the beneficiaries’ needs? It may be appropriate to have a meeting with you to discuss the trustees’ obligations. To assist with ensuring we comply with our obligations, please provide details of the beneficiaries and the circumstances of each: Eg name, age, married / single, working, student, how are they providing for themselves.
There is a mandatory duty on trustees that beneficiaries be made aware that they are beneficiaries, but there are some exceptions to that duty. We suggest that each year, every beneficiary be contacted and reminded that they are beneficiaries, who the trustees are, and where all the trust documents be held. If you do not wish to provide the beneficiaries with such information, please select here:
If people are not named as beneficiaries then they are not able to receive from the Trust. This includes entities such as individuals, companies, charities. If you wish for someone who is not a beneficiary to receive from the trust, then they must be added as beneficiaries. If yes, provide details below

Personal Documents

It is strongly recommended that you review your wills on a regular basis to ensure that the people named in the Will (whether as executors or beneficiaries) are still the best people for that role, and also to consider if your estate wishes need to be updated. Your estate is separate from your Trust assets. Your wills should be worded so that they dovetail into the Trust documents to ensure that your estate planning wishes are correctly carried out.
Enduring Powers of attorney are an important part of estate planning. These documents give someone the authority to look after your personal affairs and property in the event that you lose mental capacity or are physically unable to sign documents. The above do not usually apply to Trust matters. It may also be appropriate to consider a power or attorney so that someone can act as trustee on your behalf.
A memorandum of wishes is an important tool for the ongoing trustees of the Trust which gives them guidance as to how the trust is to be managed. This is like a Will for your Trust assets and is vitally important.
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