As professional trustee for a number of our clients’ trusts, and with the robustness of family trusts coming under the microscope, it has become clear that there is a need for a specific and separate meeting of trustees on at least an annual basis. The agenda for such meetings will include:
- The activities that have been undertaken by the trustees over the past year.
- Approval and documentation of any such activity.
- Authority in the trust deed for any such transactions.
- Review of trustee minutes.
- Review of Trust’s borrowings.
- Review of insurance cover of trust assets.
- Review of external assets. Should any of these be introduced to the trust?
- Review of life policies and whether these should be introduced into the trust.
- Review of wills and Memorandums of Wishes. Are these up to date?
- Review of any activities that are proposed over the next year. Does authority exist in the Trust Deed for such activities?
It is our belief, and the belief of many trust experts that an annual trust meeting to review all of the above matters is not an option but an actual necessity. We are not in the position of professional trustee simply to take a number. We are there to add value.
With this in mind we will be contacting you early in the new year to arrange a meeting to review the above.