The trust deed document should be set up to deal with:
* Nature and purpose of trust.
* Parties involved
* Duties and powers of trustees.
* Delegation of responsibilities of trustees.
* Trustees powers to invest trust assets.
* The manner in which the trust bank account will operate.
* Minutes must be recorded.
Will you require an independant trustee? What are the benefits and the burdens? We will follow this up in our next blog.
Correct advice for free. Stay posted warm regards Kim
What are the essentials of a Trust;
* Settlor
* Assets
* Trust deed document
* Trustees
* Beneficiaries.
The Settlor must be over the age of 20. It can also be a Company or another Trust, and you can have more than one Settlor.
Trustees can be anyone who can own property. Trustees are given a big responsibility and must ensure they are familiar with the terms of the Trust this includes record keeping of decisions and actions. Trusts also allow for an independant Trustee to be appointed.
Beneficiaries these are the people who will benefit from the trust. If the Trustees breach any obligation the Beneficiaries can take legal action.
Stay posted :}
Trusts – a Trust deed is a legal document creating a relationship between a person who places assets under the control of a Trust for the benefit of people or for specific reasons. The person placing assets in the trust are known as the Settlor, the control of the assets under the trust are known as the Trustee and the people who are to benefit are known as the Beneficiaries.
The assets transferred to the trustees becomes their property, but it is for the benefit of the beneficiaries. Trustees have a legal obligation to deal with the assets of the trust in accordance with the trust deed. Generally there will be more than one trustee of a trust.
Stay posted for more general advice around trusts. Warm regards Kim
