Annual meetings important for Family Trusts

Service PlansWith family trusts being monitored by various agencies for their strengths and weaknesses it is becoming apparent that annual meetings of all trustees are really a necessity so that the relevant matters can be discussed. 

As a professional trustee for several clients we believe all trust members need to be aware of any changes affecting the trust and we, as the professional member, should interact at least once a year with all the members together so that questions can be asked and answered, that is our purpose as a trust member.

The following is a list of points which should be on the annual agenda:

  • Trustee minutes to be discussed
  • Actions which have been undertaken for the trust during the year
  • Documentation produced regarding those actions to be approved by all
  • The trust deed to show authorisation for those actions¬†
  • Trusts borrowings to be reviewed
  • External assets – to be reviewed and introduced to the trust if applicable
  • Insurance cover – any alterations required to trust assets to be discussed
  • Life Policies – do these need to be incorporated into the trust?
  • Memorandums of Wishes and Wills – make sure these are current
  • What actions are being proposed for the following year – does the Trust Deed already give authority for these actions?

We will be contacting our Trust clients early in 2013, before the new financial year commences, to organise a meeting to discuss the above.