Your trust's responsibilities
Trustees must keep and be able to share information relating to the trust. This includes core documents like the trust deed and other records like minutes of meetings.
What records to keep
Trustees must maintain records for any information that relates to running the trust. Core documents contain the information necessary for governing the trust, and must be available to owners if they request them.
Core documents include:
- the trust order
- records of trustee decisions, including minutes of meetings
- financial statements
- other financial records, like:
- the investment policy statement
- investment performance reports
- custodial and brokerage statements.
- any Māori Land Court (MLC) court orders or reviews that relate to the trust.
You should also keep a record of service agreements with advisors or other providers.
Financial records must be kept for at least 7 years.
Records need to be kept somewhere secure and easily accessible so they can be provided to landowners or MLC if requested. Electronic copies are fine, just make sure you have back ups.
Any records that contain personal information, like a register of owners, must meet privacy requirements.
Who can access the records
Any of the trust's beneficial owners can ask to see records relating to the trust. Trustees should make these records available if owners ask for them — this will be a legal requirement when the new Trustees Act comes in in 2021.
MLC may also ask for records to ensure the trust is operating within the trust order and legislation.