That only depends on the Trust Deed. There is no legal requirement for a trust to prepare financial statements but some trust deeds include such an obligation along with other unnecessary requirements such as that the trustees must meet at least once a year to consider the financial statements. The problem with stipulations such as these is that if the trustees fail to abide by them they lay the trust open to an interpretation that it is a sham, since they are not taking it seriously themselves. Our advice is to keep the obligations of the trustees to a minimum.
Read More