Should I review my trust?
Laws are constantly changing, so it is essential to review your trust regularly to ensure that you comply with the trust law.
Inland Revenue and the Courts are looking more and more closely at trusts to see whether tax evasion has occurred and to ensure that the trustees carry out their administrative duties.
Coming under scrutiny with any of these two institutions can be costly, and it might put you in a bad light when you have to deal with them in the future.
At Hayman Lawyers, we suggest that trusts are reviewed regularly to ensure you follow your liabilities and duties!
How Hayman Lawyers can review your trust
Hayman Lawyers can conduct a full review of your trust to see if it complies with the Trusts Act 2019 and ensure that you are still happy with its aspects and get the most out of it.
- Review your trust deed: Depending on when your trust was set up, this document might be very old and worded narrowly, significantly restricting what the trustees can do.
- Suggest you alter the trust deed if you have the power or resettle the trust fund onto a new trust if you are not satisfied with it.
- Review your beneficiaries: Most of the time, your assets will be left to future family members, such as children and grandchildren. To protect your family’s assets particular beneficiaries can be removed.
- Review your trust in connection to your will to ensure that your wishes will be followed after your passing.