I have a number of administration queries relating to trusts.
I have created a hybrid trust for property investment. The settlor was an accountant. Settlement sum was $100.00. The accountant has advised me that I MUST open a dedicated bank account to hold this settlement sum for the duration of the trust (80 odd years), and that this bank account should be separate from the "trading" account for the trust. This seems a bit over the top to me.
How do other investors organise bank account(s) for their trusts?.
How should I document payment of initial deposit and other expenses from my personal account for purchase of the trust properties?. Is a simple log sufficient along with retention of receipts?. Do the receipts need to be made out to the trust?
Thanks in advance
Padraig
MUST
I have created a hybrid trust for property investment. The settlor was an accountant. Settlement sum was $100.00. The accountant has advised me that I MUST open a dedicated bank account to hold this settlement sum for the duration of the trust (80 odd years), and that this bank account should be separate from the "trading" account for the trust. This seems a bit over the top to me.
How do other investors organise bank account(s) for their trusts?.
How should I document payment of initial deposit and other expenses from my personal account for purchase of the trust properties?. Is a simple log sufficient along with retention of receipts?. Do the receipts need to be made out to the trust?
Thanks in advance
Padraig
MUST