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Keeping minutes/ accounting for private trust
Hi all,
We purchased our trust about 1 year ago and need to get our private trust accounting sorted out. Upon searching this website, I could not find any information regarding tips on how to keep minutes or how the accounting could be done. Not even with the material given when purchasing a trust could I find any information.
Does anyone have any advice or could point me in the right direction as to where to obtain the information?
Thanks Melissa
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2 Replies
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How you keep your minutes and accounts is up to you, in your unregistered trust, as it is in the private and you are totally in control of everything. It can be as simple as getting an accounts book/ledger and just entering into the different columns eg incoming, outgoing, expenses, or whatever columns you need to keep track of things financially and have a total at the bottom of each page. Transfer that total to the next page and start again. You can purchase a hardcover book for the minutes and just list the date for the meeting on top of the page and then write in the minutes of the meeting and the decisions made at that meeting.
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Thank you Morag! That was very helpful.
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