By Tamara Wallis
Director & Fiduciary Specialist

Investing in a motor vehicle is a significant financial commitment that plays a crucial role in our daily lives. To ensure that our cars continue to operate optimally and provide reliable transportation, it is essential to service them regularly. Similarly, a trust is a legal vehicle that allows individuals to transfer assets to a separate entity for the benefit of others, protecting and preserving wealth for future generations while providing flexibility in the management and distribution of assets.

A Trust Deed is a critical document that outlines the terms and conditions of a trust and must be reviewed and audited regularly to ensure that it remains relevant and effective in achieving the trust’s objectives. Regular review and audit of the Trust Deed can promote transparency and accountability in the management of the trust, identify and rectify errors or omissions, and ensure compliance with current laws and regulations.

Neglecting to review and audit a Trust Deed can result in unforeseen legal and financial complications, costly disputes, and potentially negative consequences for the beneficiaries. Therefore, just as a car needs regular maintenance to function correctly, a trust needs regular review and audit to ensure it remains effective and provides the intended benefits for its beneficiaries.

Recent changes to the Trust Property Control Act and increased reporting standards for Trusts provide an ideal opportunity to book your trust vehicle for a service. Trustees for the Future can review and audit your Trust Deed, ensure that it remains relevant, effective, and compliant with current laws and regulations. Our audit process can also identify and rectify errors or omissions in the management of the trust, ensure consistency with the intentions and objectives of the founder, and promote transparency and accountability in the management of the trust.

In conclusion, regular review and audit of the Trust Deed is crucial for the effective management of a trust, just as regular servicing of a vehicle is necessary for optimal performance and safety. Don’t neglect your trust vehicle’s maintenance – visit our platform Second Opinion and schedule a review and audit of your Trust Deed today.

Just as driving on a winding and bumpy road requires attention and caution, managing a trust in the ever-changing landscape of Trust regulations demands regular review and adjustment to ensure a smooth and safe journey towards achieving the Founder’s intended goals.