Resources On-Demand

Trusts Beyond 2021: Risks for Trustees and Tax Practitioners in Trust Administration (Part 3)

This webinar on demand is part of a series of webinars. Click here to read more

Overview

Trusts are widely considered to be effective planning vehicles that provide several benefits. Considering legislative changes in recent years and court judgments impacting trust law, it is now imperative to consider all the legal and administrative risks affecting trusts. 

In this comprehensive trust series, we will provide a full perspective on the critical legal and governance aspects to be considered by the various parties involved in trusts: The donors, beneficiaries, trustees, financial planners, tax advisors and accountants.

This Trusts Beyond 2021 series consists of four parts (each webinar can be attended independently):

Webinar 1: Trusts: Get the Basics Right

Webinar 2: Trusts: Important Short and Long-Term Risks and Benefits

Webinar 3: Risks for Trustees and Tax Practitioners in Trust Administration

Webinar 4: Specific Tax Risks Related to Trusts

Click here to view the full series.

Webinar content

Risks for Trustees and Tax Practitioners in Trust Administration (Part 3) – 11 November 2021

• General trust administration: What is required?
  • Taking decisions: Resolutions, statutory approvals that must be in place.
  • Reliance on advice.
  • Decisions taken, i.e., signing off AFS without all trustee’s approval.
  • Bank accounts movements.
  • Movements in journals without proper resolutions.
• What are the practical issues relating to trustees?
  • Duties and responsibilities.
  • Accountant acting as independent trustee: Risks and liability considerations.
  • Compliance requirements and documents to be maintained.
  • Dealing with conflict interpreting a trust deed.
  • Meetings of trustees and notice thereof.
  • Who can remove a trustee?
  • Alternate trustees and proxies: Are these legally possible?
  • Importance of timeous and valid trustee resolutions.
  • Personal liability for tax debts of the trust.

Who should attend?

Tax practitioners, tax managers, financial managers