Next Generation Technical Support


Trustee Record Keeping - Whats Required?

Trustee Record Keeping - Whats Required?

The best way for trustees to demonstrate their duties have been fulfilled is through proper, accurate and timely record keeping, says Gerry Brown, chartered accountant and tax and trust specialist for QB Partners.

What is the basic duty of a trustee? Reduced to a single phrase it is to look after assets for beneficiaries.

How do trustees demonstrate that duty has been fulfilled? By keeping records of what they have done.

Beyond that basic duty to the beneficiaries, trustees have statutory duties. The two most frequently encountered are the duty to self-assess for tax purposes, and the duty to register with the Trustee Registration Service (a consequence of the ​E​U Fifth Anti-Money Laundering Directive).

Trustees therefore need to keep records. But what records? It should go without saying that each and every trustee should have a certified copy of the trust deed and copies of any letters of wishes.

Please link to Professional Paraplanner to read the full article.

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