03 377 4421

Trust Administration Service

A trust can be a valuable way of protecting assets held for the benefit of others.  Kannangara Thomson recognises that clients may need help with meeting their trust obligations and with the duties of being a trustee.

Duties and obligations for trustees are increasing and it can be difficult to keep up to date with what is needed.  We have a dedicated team who offer trust administration services to assist in the effective management of trusts.

We can help you by:

  • Maintaining the records of the trust
  • Reminding trustees of significant dates
  • Liaising with the trust’s accountants
  • Preparing appropriate minutes and obtaining signatures of trustees when required
  • Circulating questionnaires to capture major decisions
  • Arranging and attending annual meetings of trustees, preparing agenda, minutes, and reporting to trustees
  • Carrying out a review of main aspects of the trust
  • Being available to discuss any matter relating to the trust
  • Preparing an annual trust management report summarising the essential elements of the Trust
  • Maintaining a current register of trustees, beneficiaries, and trust assets
  • Reviewing financial statements
  • Ensuring that Government legislation and compliance requirements are met.

Peace of Mind

  • Trustees are aware of their duties and the liability of trustees is mitigated by effective trust administration.
  • Regular trust reviews will ensure the trust is well run and meets its purpose.

Saving you Time

  • Trust transparency and good management will reduce the chance of any legal issues in the future.
  • We complete the trust administration

Independent Trustee

Trustees make the decisions for the trust.  Decisions made need to be accountable.  Being a trustee comes with a great deal of responsibility, so we recommend that you choose your trustees wisely.

We do, on a limited basis, offer our Trustee company as an independent trustee when there are no other options.  Under that service, we are actively involved in all decision making, reviewing, and signing documentation, answering trust queries, and reviewing the trust at each annual meeting.  If we act as an independent, it is a condition of us agreeing to do so that the trust comes under our annual trust management service.

Specialist Trust Work

Kannangara Thomson will work with clients to ensure their trust coincides with their estate planning, in particular:

  • Your will can leave your personal assets to the trust for distribution according to the trust deed.
  • Your will can also appoint someone to have power of appointment of trustees once you pass away.
  • Enduring Powers of Attorney should be in place in case you become mentally incapable.
  • A Memorandum of Wishes give trustees direction as to your wishes for the distribution of the trust assets once you have passed away.

We work closely with your accountant to ensure affairs are tidy and up today.

Top Tips

  • Think carefully about who the trustees will be, as trustees have a great responsibility.
  • All Trust decisions need to be documented for transparency and accountability to beneficiaries.
  • All decisions of the trustees must be unanimous.
  • Have an independent trustee in your trust to ensure independence when decision making.