Trustees have several obligations regarding trust accounts, including:
- Record-keeping: Maintaining accurate and detailed records of all transactions and decisions related to the trust.
- Financial reporting: Preparing regular financial statements and reports for the trust if required.
- Accountability: Being accountable to the beneficiaries and providing them with information about the trust’s financial status and administration.
- Compliance: Ensuring the trust complies with all legal and regulatory requirements, including tax filings and other statutory obligations.
- Prudent management: Managing the trust’s assets prudently and in the best interests of the beneficiaries.
- Independent auditing: In some cases, having the trust accounts independently audited to ensure accuracy and transparency.