For trusts that contain income-earning assets, the ongoing requirements of administration can be more complicated. Even trusts that aren't income earning still require administration.
The trustees role
Trustees have a number of duties they are required to comply with. The trust deed may affect how these duties apply. It’s also important that trustees remember that they are only allowed to do those things which they have legal power to do. Again, there are some standard powers set out in law, but the trust deed can expand these.
To understand how to administer your specific trust, and how you need to comply with your duties as a trustee, talk to us, to create a tailored plan for you.