Trustees should always ensure that the transactions of a trust are being minuted so that there is a clear reference to how decisions have been made, and there is a historical tracking of the unanimous decisions the trustees have made.
Trustee resolutions provide the documentation around such records, and these should be kept in the Trust’s record book or deeds system to show that the trustees have been applying appropriate trust law and taken proper consideration of the interests of beneficiaries in every decision they have made.
The important things that need to be put in writing are:
- Annual minutes of trustee meetings on a yearly basis;
- Resolutions for transactional decisions, i.e. major purchases, sales of assets, borrowing funds, etc.;
- Rights of beneficiaries to utilise trust property and any restrictions or requirements on that use;
- Contractual confirmations such as the signing of loan documents or sale and purchase agreements.
Prudentia Law is well versed in the provision of trustee services for our clients. Contact us to help you with the documentation side to running your trust appropriately.