With the recent changes in the Trusts Act 2019 it has become even more important as trustees to ensure we meet our obligations in the best interests of your beneficiaries. To reduce the costs and to meet all of our trustee obligations we are introducing a new trusts product specifically for trusts that are managing non income earning assets, for example, the family home.
Does your trust qualify?
Does your trust currently contain assets that are not generating income? For example, the family home, loans to beneficiaries that are non-interest bearing or other assets like cars, boats or caravans and maybe the family bach if it is not receiving any payments for use.
Do you have an email address?
If trust assets earn income, then the trust will no longer qualify and will become a full service trust.
If you are not certain if your trust qualifies then please contact us on 0800 371 471.
What is included?
Public Trust will:
Send you an email every year containing details of the trust. As co-trustee you can reply with any updates and provide confirmation of existing trust details.
Provide the current statement of account for your records.
Notify all beneficiaries of the basic trust information.
Ensure you have all of the relevant trust documents for your records.
Arrange a trust meeting with all trustees every three years.
What does it cost?
To keep the annual costs easier to manage there will be a flat fee of $450 per year. We will contact you annually via email for everything to do with the trust and conduct a trust meeting with all trustees every three years either face to face or virtually, as agreed.
If during the year, you require additional work to manage the assets in the trust this will be charged at time in attendance and an agreed amount, which will be provided before we start any work. If you wish to conduct a trust meeting more often than every three years, we will charge an additional fee.
Right for you?
If you'd like to explore your options, or are unsure whether this type of trust is right for you, get in touch with us today - we're happy to help!