Trust Administration – The COVID-19 Effect
There has been a great deal of commentary circulating in recent times on the new Trusts Act which comes into force in January 2021.
Overlay the COVID-19 situation – it is more than important than ever to review trust affairs to ensure that the protections available via the trust structure are in place and maximised.
Many business owners have trusts in place to protect their personal position from the risks associated with running a business, including claims from creditors.
In these unprecedented and uncertain times, many businesses owners are anticipating a rocky road ahead. In light of that, now is the perfect time to review the position of your family trust:
· does the trust owe you any money? – if so, is now an appropriate time for that to be gifted?
· have the decisions of the trustees been properly recorded in resolutions?
· are records up to date?
Completing all of these things will assist in putting you in the best possible position in terms of protecting your position and financial security.
Every trust and every situation is different. If you would like to discuss putting a trust in place or reviewing any existing arrangements, please contact us.