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It is important that trustees understand which records need kept
- There are a core number of documents a trustee will need to keep, as well as others if the trust sells, buys or receives additional assets during the year.
- Trustees should also keep records of important decisions, and income payments made at their discretion to beneficiaries.
- It would be sensible for trustees to retain documentation for as long as possible (ideally for the entire trust period), so evidence is available in the event of any dispute with beneficiaries.