Are all the trustees also beneficiaries, and are all the beneficiaries related? If so, is a truly independent trustee appointed, and are they acting independently?
Did the trustees submit the trust deed and all amendments to the Master?
Was the initial donation made as stipulated in the trust deed?
Are the trustees familiar with the contents of the trust deed and ensuring compliance with it?
Do the trustees regularly review the trust deed to determine if there is a need to amend it?
Do the trustees comprehend the Trust Property Control Act and the relevant principles established in trust court cases?
Do the trustees comprehend the assets, bank accounts, insurance policies, and so forth, that are held in the name of the trust, as well as how to manage them?
Did the trustees open a bank account?
Did the trustees register the trust for Income Tax?
Did the trustees provide their addresses to the Master after 14 days of a change?
Did the trustees register trust property and keep it identifiable as a trust asset?
Have the trustees created an asset register in the appropriate format and maintained it regularly?
Are the trustees keeping trust property separate from their personal estates, and are they avoiding referring to the assets in the trust as their own?
Do the trustees keep safe custody and control of all trust documents?
Are the trustees fulfilling their fiduciary obligations jointly and in good faith?
Are trustees exercising the care, diligence, and skill that can reasonably be expected of someone managing the affairs of another in relation to their fiduciary obligations?
Are the trustees acting independently and impartially, exercising their discretion and participating in decisions, or is there a dominant trustee alongside others acting as puppets?
Are the trustees thoughtfully considering the actual exercise of any power or discretion?
Have the trustees thoroughly examined issues related to benefiting beneficiaries, such as whether benefits should be retained or allocated, how beneficiaries are selected, the methods used to benefit them, and the timing for doing so?
Does one trustee use instructive language in correspondence and emails to other trustees or trust administrators, such as, “I bought a property in the trust; please do what is necessary”?
Do the trustees utilize the services of professionals, such as accountants or lawyers, as specified in the trust deed, or do they abdicate their responsibilities?
Do the trustees sign resolutions before transactions are completed in the trust, or are the decisions ratified at a later date?
Are the trustees holding meetings as specified in the trust deed and preparing minutes afterwards?
Are the trustees transferring both capital and income to the beneficiaries as outlined in the trust deed, while fulfilling any conditions for transfer?
Are the financial statements up to date?
Did the trustees submit all the tax returns?
Have the trustees been accounting to the beneficiaries since the trust’s inception?
