​Trustees need to minute their decisions

For more information on trusts speak to Craig.
Craig Sutherland

Commercial Team

03 211 3787

027 315 9759

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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:

  • a reduction of money owing to you
  • a distribution of some of the trust income
  • a payment out of the capital of the trust
  • reimbursement for trust expenses paid by you
  • a beneficiary loan
  • 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

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