Nothing could be further from the truth as the regime post gift duty and the current Law Commission Review of the Law of Trusts has, in our view, increased the need for trusts to be properly established and managed.
Good record keeping is essential. Where we prepare annual financial statements for the Trust, we also prepare Annual Minutes.
Those Trusts that only own the family home and have recently obtained an IRD number, should seriously consider having an annual meeting of Trustees and preparing annual minutes.
To talk to one of our experts please don’t hesitate to contact us.