Trustees should always act in good faith and in the best interest of the beneficiaries. One of the main duties of the trustees is to manage the trust efficiently which requires effective communication between all the related parties.
An effective management system should be in place to ensure that the correct decision is made by taking into account the interest of the beneficiaries.
The key elements trustees should always keep in mind:
It is important to have a trustee meeting at least once a year.
During the meeting, it is important to take proper minutes of the trustee meeting. The purpose of minutes is to provide an accurate and objective account of the proceedings of the meeting, and more particularly to record the decisions made at the meeting. The minutes of a meeting is defined as the official, permanent record in writing, expressed in formal terms, of the business transacted at a meeting.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Please feel free to contact Brian Kahn for further information or specific and detailed advice. Errors and omissions excepted (E&OE)