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Trust accounts are kept separate from the trustee's personal or business finances.
Trust accounts act as a record of a Trust’s assets and liabilities, and cash transactions. They are an essential part of proper trust management.
Trust accounts, similar to estate accounts are a record of a trust’s assets and liabilities and cash transactions over time. They should also include a synopsis of the trust, detailing beneficiaries and general objectives.
The primary purposes of a trust account are:
Trustees have a legal obligation to maintain accurate trust accounts. They can be quite complex documents and it may well be better for trustees to delegate the task to a solicitor or accountant. Professional trustees, such as solicitors or trust companies, will always be expected to maintain trust accounts in execution of their fiduciary responsibilities.
Our specialist team are experienced in setting up Trusts for clients in line with their personal circumstances. If you would like to speak to a member of the team, please contact 03333 058375 or email firstname.lastname@example.org.
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Winding Up A Trust
A Trust can be set up during a person’s lifetime or via their Will. Trusts are used to ensure that...
Deed of Appointment
Appointment and retirement of trustees
Trustee Duties and Responsibilities
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