This paper covers:
- When should we change the trustee having regards to asset protection, land tax and other issues?
- How should a trust be operated, and what are the key terms?
- What record keeping and reporting responsibilities does the trustee have?
- Does the trust need a bank account?
- What are the trustee's responsibilities? How extensive are fiduciary duties and when does the prohibition on fettering discretions apply?
- Do beneficiaries automatically have a right to trust records, and what notifications should be provided each year?
- Casual trust arrangements " does a trust need a deed? What happens if there isn't one?
- Trust checklist: addressing distributions to corporate beneficiaries, TFN reporting and family trust elections, unit trusts and CGT event E4.