Accounting for Trusts - The Nuts & Bolts for Probate Professionals

Introduction

The large range of the role of the trust accounts from the life interest from a will, the disposition into a UK fund for family members to the use of offshore trust funds such as Mauritius.

This new virtual classroom seminar will focus on the need for accounts preparation, the lack of template accounts, the problems with accounts software and standards and the need to establish the role of the accountant with trustees.

It will also look at the need for real time accounts from up-to-date digital records and the clear division of roles between accounts preparation and legal understanding. It is imperative to work as a team.

What You Will Learn

This live and interactive course will cover the following:

• The objectives and layout of trust accounts
• Maintenance of trust accounts by the trustees
• Variations of trust accounts and the need to understand who has a right to see what
• Trust market value v cost
• Trust capital account including different funds
• Trust income account - accumulations
• Trust investment schedules and notes to the accounts - the importance of disclosure
• Trust accounts - death of the life tenant
• Impact of trust revaluations
• Trust distribution to beneficiaries - the distribution accounts
• Discretionary trust - surplus income and accumulated income
• Audit of trust accounts - when does it apply?
• Presentation to trustees and beneficiaries by those preparing accounts
• Trust taxation and expenses - fund allocation
• The role of the trustee and investment adviser
• Trustees investment strategy
• Type of trust - fixed interest or discretionary trust
• Trust cash and liquidity
• Particular trust assets - enjoyed in specie
• Trust policy statement
• Trustee - duty or power to distribute
• Distribution requests to trustees
• Trustees exercise of a discretionary power
• Disclosure of information by a trustee
• Property schedule for the trust
• Trustee approval to trust accountant
• Beneficiaries approval to accounts and what information only they can receive
• Accountants report for the trust and clear division of responsibilities between trustee role and role of accountant

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.