Why it is unwise to ignore the advice of professionals
“Running your own family trust is easy, it’s like running your own bank account. You can run your own family trust and save the costs when you do it yourself !”
That is correct, and you can also service your own motorcar when you buy a manual and a few tools, or even do your own financial accounts for your business at the end of the year!
“Then why do few people actually do that themselves, and instead receive the support of professionals to do a proper job ?“
After assessment of your trust documents we give you a written guarantee each year, that we have assessed your financial and transactional records. We declare that we are satisfied that you have acted as a prudent trustee in your trust.
In fact we become your safeguard with our innovative Trust Yearbook . We like to give our trust clients the ultimate in trust service.
What is the process for supporting you in running your trust ?
First of all we ask you or your accountant to send us the last year’s financial accounts for the trust.
We extract valuable information out of perusing the accounts:
- It shows trends of expenses and income.
- It also reveals what has happened in the trust during the past year
- It becomes the basis for having a productive meeting with clients during which we first of explain the details of the accounts.
- We then ask the questions that every trustee should ask themselves if they view themselves as being prudent and we record that in the Yearbook for the trust.
What is the Yearbook for the trust ?
This document sets out details as follows:
- Who runs the trust and for whom and how ?
- Which beneficiaries have been appointed during the year and what are the amounts ?
- What expenses are registered and which ones may cause concern ?
- What income has arisen and how does that influence the investment policy of the trustees ?
- Which assets are in the trust and what are the liabilities ?
- What transactions or decisions have been made by trustees in the running of their trust, and how has this been recorded in trust resolutions ?
- Has the appointment of beneficiaries for receipt of funds taken place in the appropriate legal way in deeds of distribution of funds or asset transfers ?
- Has it been recorded that some beneficiaries are living in the residence which belongs to the trust and on what basis ?
The end of year meeting
The Yearbook for the trust becomes the most important document of support to show that the trustees have done their job properly
- When you are a trustee then it is expected that you do your job properly. That is why we meet with you only after we have looked at the year’s financial accounts for the trust.
- At a time that suits we then discuss or correspond with you about the details of the accounts or what you have recorded as trustee, and what you wish to have dealt with adequately in deeds , resolutions and in the Yearbook.
- Once we have done that with you or for you, we record the details or transactions or let you do that, and then send you the Yearbook for signing off by all trustees and for safekeeping by them.
We are passionate about seeing that the trustees fulfil their duties, because we want your beneficiaries to get the best of your performance. We will assist you in that.
Our yearly charge for our support in this, including our meeting and our Yearbook, with all resolutions and deeds costs $ 480. plus GST.