Duties of Trustees – Beneficial Ownership

Resolve Legal and Corporate Blog image regarding duties of Trustees

One of the duties of trustees is to maintain accurate and up-to-date records of the beneficial owners of the trusts they administer. Beneficial owners are those who have a direct or indirect interest in the trust property or who exercise control over the trust. The information that must be kept by trustees in relation to beneficial owners includes: 

  • The name, date of birth, nationality and address of each beneficial owner
  • The nature and extent of each beneficial owner’s interest or control over the trust
  • The date on which each beneficial owner acquired or ceased to have an interest or control over the trust
  • Any other information that may be required by law or regulation 

The trustees must keep this information for as long as they are trustees of the trust and for at least five years after they cease to be trustees. The trustees must also provide this information to the relevant authorities upon request or when they are obliged to do so by law or regulation

Should you require professional advice in this regard please do not hesitate us.

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