Family Trusts – Why you should hold an annual trustee meeting and what does that mean?
It is likely that at the time you set up your Family Trust, the lawyer acting for you would have recommended that the Trustees of the Trust hold an annual trustee meeting.
The purpose of the annual trustee meeting is to give the Trustees the opportunity to discuss all matters relating to the Trust’s assets and affairs.
Any decisions made at the annual trustee meeting can then be recorded in a Trustee resolution, which can be used as evidence, if the Trust’s validity was ever questioned.
Where a director of Pier Law, or a Pier Law Trustee Company, acts as a trustee of your Trust, we will be in touch regarding holding an annual trustee meeting, and will prepare all required documentation.
If Pier Law is not a trustee of your Trust, we are still happy to assist you with running the annual trustee meeting and preparing the required documentation. However, if you would prefer to run things yourself, keep reading for some hints and tips.
There is no specific wording needed for an annual trustees’ resolution – neither is there a particular agenda that would be suitable for all circumstances; the discussions required will depend on the complexity of the Trust. Some topics that may be relevant include:
If you would like any assistance or further information, please contact us.