One of the core duties of a Trustee is to keep and provide clear and accurate accounts of the Trust and to provide them to the beneficiaries upon request (provided that the beneficiaries are prepared to bear the cost of this). This affords the beneficiaries an opportunity to inspect the accounts and request further information or raise further queries which arise out of the accounts. There is no duty to have the Trust accounts audited, although the Trustees may choose to do so, but no more than once every three years.
In order for Trustees to comply with their duty to account to the beneficiaries it is essential to ensure that the accounts they keep are full and accurate. Keeping up to date accounts will also assist the Trustees in their general everyday management of the Trust and in making decisions as to use of Trust capital and income as well as distributions. A correctly prepared set of accounts should incorporate the following:
The Private Client Team are able to prepare full and accurate Trust accounts which comply with the guidelines set out by the Society of Trust and Estate Practitioners. Contact us for more information.
Ambrose Appelbe is authorised and regulated by the Solicitors Regulation Authority with registration number 191153.