Trusts Act 2019: Documents to be kept by trustees

The record keeping obligations of trustees are clearly defined in the Trusts Act.

Trustees must keep the “core trust documents”, which are:

• the trust deed and any other document that contains terms of the trust;

• variations made to the terms of the trust;

• records of the trust property that identify the assets, liabilities, income and expenses of the trust;

• records of trustee decisions;

• written contracts;

• accounting records and financial statements;

• documents of appointment, removal and discharge of trustees;

• memorandum of wishes from the settlor; and

• any other documents necessary for the administration of the trust.

Each trustee must personally hold the terms of the trust and any variations but can rely on another trustee to hold the other documents if satisfied that the other trustee holds those other documents and will make them available on request.

When a person ceases to be a trustee, they must give the trust documents they hold to a replacement or continuing trustee.

We have published A trustee’s guide to the Trusts Act 2019 (Guide) – the above is an extract from the Guide. If you would like a full copy of the Guide, please get in contact with us.

Disclaimer: This publication should not be construed or acted on as legal advice. It is brief and general in nature. Specific advice should be sought.