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Trustees need to minute their decisions
If you have a family trust, be fussy about recording trustees’ decisions.
One problem that arises is taking money out of the trust for your own use. This can be:
It’s important to clarify these withdrawals. This is done by means of a trustee minute. If there could be any doubt about the reason for a transaction, be sure to prepare a trustee minute and make sure all trustees sign it before it is actioned.
Source: Trial Balance Dec 2016