Is It Necessary to Keep Trust Minutes?

MYTH #5 – Keeping Trust Minutes Isn’t Necessary

FALSE. It’s the duty of the trustee(s) to keep minutes for all resolutions, decisions, and acts done in the administration of the trust.

This is a form of accounting, and may suffice as the accounting, however, it is recommended that some separate, more detailed accounting be kept.

It is also best to keep minutes of every Board of Trustees meeting. Because in the unfortunate event that the trust (or trustees) ever get into financial or legal trouble, you want to be able to prove any and all actions by keeping good records.

Trust Minutes can be the difference between going to jail –
and staying OUT OF JAIL!

Believe it or not, even a private express trust needs to show a judge proof of certain actions in order to absolve Trustees from legal prosecution.

However… a Trustee cannot just show their Minutes in court, there is a specific Court Motion that must be filed so the judge takes you into their chambers and looks over any documents 100% PRIVATELY!

If you didn’t know the judge could do this – there is even more amazing things you still have to learn…

We’ve designed the Bulletproof Trust program to take you from a beginner to a competent trustee that knows how to run it all like an elite.

Tomorrow we’ll cover one myth/mistake that is flat out ILLEGAL and could actually lend you in jail so be on the lookout for that email!

Your friends in finance,
Private Wealth Academy