The Role of a Trustee in a Family Trust
The role of a Trustee in the area of investment can be daunting. The Trustee Amendment Act 1988 removed the list of authorized trustee investments leaving trustees free to invest in any form of property¯. Property¯ can mean any form of investment.
Trustees have a duty to invest the funds with the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others.¯ There are often conflicting objectives for Trustees and, if they are not careful, diligent and skilled, there are significant risks.
LYFORDS can help Trustees carry out their duties by assisting them to write an Investment Policy Statement, providing investment recommendations that match the Statement and managing the investment portfolio in an efficient way so that Trustees' obligations are properly discharged.
We can prepare:
"Deed of Acknowledgement of Debt"
Annual gifting including "Deed of Partial Forgiveness of Debt"
IRD Gifting statement IR196.
Asset and Gifting Schedule.
An independent review your Trust's investment portfolio.