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Checklist - Conducting A Trust Review (The details of the beneficiaries…
Checklist - Conducting A Trust Review
Is the risk rating for the client still appropriate given the current circumstances of the settlor and/or beneficiaries?
Has any connected party to the trust structure become a PEP?
Is the customer's due diligence documentation held complete and up to date?
During the period under review, were the activities of the trust and any underlying companies in line with the service provider's exactions as documented within the customer profile?
Where there was unusual activity, has this been adequately explained?
Is the client's profile and any diagram of the structure accurate and up to date?
Has the trust been administered in line with the terms of the trust deed?
Has the protectors consent been obtained in all cases where this is necessary?
Is the content of the letter of wishes (if held) up to date?
Have all decisions made by the trustee/director been minuted?
Have all the relevant internal checklists been completed (eg distribution checklist)?
Have any additional settled assets been minuted and adequately invested or insured as necessary?
Do the correspondence files for the entities appear to be complete (e.g have all correspondence and emails been filed and replied to)?
Have file notes been prepared to document, as evidence, telephone calls and client meetings?
Have the clients or their adviser been met or has adequate contact been maintained with the client?
Are all of the assets of the trust adequately insured and securely held (eg ins are custody where required?)
Is confirmation held regarding whether the amount of the insurance cover (if required) is adequate and is confirmation also held that the premiums have been paid where appropriate (i.e in respect of properties and / or life policies)?
Do the physical records of the assets match against the book entries?
Are the investments of the trust and any underlying companies being adequately monitored?
Have investment performance review been undertaken and is confirmation in place that any major changes in value have been investigated and reasons noted on file?
Is there any documentation in place when the trust assets have been loaned or pledged to underlying companies within the structure?
Is adequate security held for loans receivable, where applicable?
Do the bank statement entries reconcile with the bookkeeping records?
Has income and capital been segregated as required?
Have financial statements for the trust and any underlying company been prepared, approved and sent to the beneficiaries where required?
Is the TSPs database up to date and accurate?
Have any complaints been dealt with in accordance with the service provider's policies and procedures?
Are there any requirements for internal records and /or databases to updated in respect of the trust and any underlying company?
Are there any transactions that are a cause for concern?
Are there any tax implications which should be considered?
Are there any new business opportunities that can be explored?
The details of the beneficiaries may also be checked to ascertain if
All beneficiaries of the trust are known and that all their personal details are up to date and have been correctly recorded
Any beneficiaries have been added or excluded since the last review
The circumstances of any of the beneficiaries have changed since the last review (eg change of residence / domicile etc)
All distributions made by the TSP were made to beneficiaries that were entitled
There are separate income and capital beneficiaries and if so whether their respective interests are being applied equitably
When considering whether the trust or company assets are being looked after adequately, administrators and reviewers should think about their client's assets in a way that they would if they belonged to them personally