family trust financial statements template

family trust financial statements template

1.1.11    any reference in this Trust to any Statutory or Legislative Act shall be a reference to such Act in effect on the date of signature of this Trust, or to any amendment or replacement of such Act; and. 4.1.2      at the sole, absolute and unfettered discretion of the Trustees to distribute or pay any income, capital profits or capital of the Trust, subject to the provisions hereof, for the welfare of any beneficiary. The Trustees shall have the right (but shall not be obliged) from time to time to appoint a practicing Chartered Accountant (SA) to act as the auditor of the Trust, who shall report on the financial statements in the customary manner. XXX ... financial statements for such period consisting of a balance sheet, a statement of income, capital profits and/or gains and expenditure and a statement of the Trust property and liabilities at the close of such period. Family Trust Financial Statements Template. 24.4.2    in a Corporation (which shall mean and include any corporation, company, establishment, partnership, firm or other entity established or incorporated or registered or carrying on business anywhere in the world) if the capital, capital profits or gains or income of the Corporation is or may become transferred, paid, applied or appointed to him or for his benefit either directly or indirectly and whether by reasons of his shareholding or the terms of any Trust which is the shareholder or in consequence of the exercise of any power or discretion conferred upon any person under any Trust which is a shareholder or otherwise howsoever. 20.1        Pending the distribution of the Trust property as hereinafter provided, none of the income, losses, operating loss, assessed loss, nett loss, capital profits and or capital gains or capital losses of the Trust shall be deemed to be attributable to the share or the prospective or contingent share of any beneficiary, save that the Trustees, may in their absolute, sole and unfettered discretion distribute, pay or make over any income, losses, operating loss, assessed loss, nett loss, capital profits and or capital gains, or capital losses to any beneficiary without maintaining equality as between the beneficiaries, and further to utilise such income, losses, operating loss, assessed loss, nett loss, capital profits and or capital gains, or capital losses to pay or apply from time to time in such proportions as the Trustees may, in their sole and absolute discretion, consider desirable for the benefit and welfare of all or any one or more of the beneficiaries, without any obligation to maintain equality as between the beneficiaries. 19. 6.8          The Trustees for the time being in office may appoint from amongst themselves an administrative Trustee who shall be entitled to charge fees for services rendered to the trust as administrative trustee, alternatively that any such other experts or suitably qualified people may be appointed as Trustees or managers or consultants or employees to assist in the running and administration and operation of the Trust. Trust Financial Statements Template South Africa. 9.1          The Trustees shall have the power to deal with the Trust property, capital and/or income and or capital profits or gains of the Trust for the benefit and purposes of the Trust, in their discretion, for which purposes they are granted the widest powers and authority, including and without prejudice to the generality of the aforegoing, the following specific powers and authorities: 9.1.1      to open and operate any banking account or facility and/or building society account or facility, apply for any credit or debit cards and to draw and issue cheques and to receive cheques, deposits, promissory notes and/or bills of exchange, and attend to any of the latter by electronic, telephonic or internet means; to acquire, dispose of, invest in, let or hire, exchange, and/or barter movable, immovable or incorporeal property and to sign and execute all requisite documents and to do all things necessary for the purposes of effecting and registering, if needs be, the transfer according to law of any such property. Revocable Living Trust form California. Trust Financial Statements Template. The Trustees shall at all times be empowered to employ an attorney, accountant, independent contractor, or agent (including a committee) to transact all or any business required or permitted to be done in pursuance of this Trust and to effect payment out of the Trust property, capital profits or the income of the Trust of all charges and expenses so incurred.

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