Many practitioners draft Wills containing trusts and execute estate administrations based on those Wills and on the intestacy rules but not as many continue onwards to the administration of the trust itself. It is necessary to set in motion relevant processes and procedures to progress a matter effectively. The purpose of this session is to introduce practitioners to the basic steps involved in successfully setting up a trust.
- Be able to plan and manage the setting up of a new trust
- Know when to engage with others’ expertise as needed in the administration of the trust based on a correct footing
- Be able to set the scope of their retainer and agree an appropriate level of costs with the client
- Risk assessment
- Money laundering procedures
- Retainer and fees
- Information required
- Engagement of other professionals
- Investment – Investment policy statement
- Banking, accounting and tax
- Trust Registration Service, FATCA & CRS
This podcast is sponsored by thewealthworks. Their comprehensive flexible Global Wealth Management Software easily adapts to meet the needs of law firms, accountants, family offices, trust companies, banks and other corporate trustees in the UK or across the globe.