The Trust MOT - Reviewing Existing Trusts & Fixing Problems

Introduction

Taking on an existing trust can feel rather like being handed the keys to a car with no service history. The trust may have been running for years, but without a proper review, historic errors, gaps in administration or emerging risks can easily go unnoticed.

This practical short webinar introduces the ‘Trust MOT’ as a structured and systematic approach to reviewing an existing trust. It will show practitioners how to assess the trust’s legal, tax and administrative position, identify historic problems and spot issues that may require attention before they become more serious.

Using a practical framework, the webinar will guide you through the key areas to examine when taking on an existing trust, from its terms, trustees and beneficiaries to its assets, administration, tax and compliance history. You will leave with a clear process for identifying gaps and potential problems, prioritising outstanding issues and developing a practical action plan for bringing the trust back on track.

What You Will Learn

The webinar will cover the following:

• Establishing the trust’s structure, terms, date of creation and key parties
• Reviewing the trust’s history, including trustee changes, appointments, distributions, investments, loans and variations
• Identifying red flags in trustee decision-making, documentation, historic administration, tax and compliance
• Reviewing trust assets, including ownership, valuations, investments and ongoing suitability
• Assessing the beneficiaries, including who can benefit, who is currently benefiting and whether circumstances have changed
• Evaluating whether the trust remains fit for purpose and considering options for appointing assets, restructuring or bringing the trust to an end
• Developing a practical action plan to prioritise outstanding issues and determine what requires immediate attention