There is a presumption in s 51 of the Trusts Act that trustees must make basic trust information available to every beneficiary or representative of a beneficiary.
“A trustee is required to consider at reasonable intervals whether the trustee should be making the basic trust information available"
Trusts Act, s 51 4
“However, the trustee is not required to apply to the court for directions if:
(a) the period during which no beneficiary has any trust information is less than 12 months; and
(b) at the end of that period, the trustee gives to at least 1 beneficiary of the trust the basic trust information.”
Trusts Act, s 54(3)
Source: Vicki Ammundsen Trust Law*
For more in-depth information, download Trusts Act 2019 PDF supplied by Vicki Ammundsen Trust Law
*Aro Assistant's Trust Compliance Review template was quality reviewed by Vicki Ammundsen of Vicki Ammundsen Trust Law - find out more below.
Help your clients comply
Aro Assistant's Trust Compliance Review tool will guide you through the steps from lead generation to delivery of core documents, including:
Email/letter to send to clients about the Trusts Act 2019
Letter of engagement
Client survey - ask all the right questions and get the information and documents you need from your client.
Review s 45 of Trusts Act - see what core documents are required / missing
Generate core documents - automatically generate the required core documents and then edit as required
More than just Trust Compliance...Aro Assistant also offers tools for tax on sale of property, dividends, short-form liquidations and more.