Trust Planning & Administration

Trusts need careful planning to achieve their objectives. Trustees must manage the trust efficiently and keep full and proper accounts.

Trustees have a duty to:

  • Know the terms of the trust
  • Act according to the terms of the trust
  • Act honestly and in good faith
  • Exercise stewardship over the trust property for the beneficiaries or the purpose of the trust
  • Act for the benefit of the beneficiaries or for the purpose of the trust
  • Exercise trustee powers for a proper purpose
  • Keep full and proper accounts

We recommend that trustees:

  • Open a separate bank account for the trust. Trustees should deposit all trust income into the account and pay all trust expenses and distributions from the account. The account should not be used for personal transactions.
  • Record all investments
  • Meet at least annually, to review the trust investments and the needs of the beneficiaries
  • Record their decisions in writing
  • Prepare annual financial statements

We have extensive experience and offer specialist advice on creating and managing your trust.

Buying a Rental Property

Buying a residential or commercial rental property is a big investment. The wrong ownership and funding structure can cost you a lot of tax.

Consult us before you buy a property. We can advise you on a tax effective funding and ownership structure.

Learn more

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