The Gazette 1974

Stage 4—Aim to get "first pages" done for all existing Trusts within four months. The system is simple and flexible and can be adapted to the requirements of individual firms whether large or small. Specimen "First Page' ' Office Reference : NOP / TLE /C TRU ST RECORD (OR AMENDED TRU ST RECORD) Name of Trust: Frederick Adams, Deceased. Trustees:

Where the Trust contains Stock Exchange investment then a copy of the "first page" should go to the brokers, and their analysis and reviews (or at any rate the last one) should always be in the folder. Where any of the main items on the "first page" are amended—-e.g. change of Trustees, death of a Tenant for Life, even change of bankers, etc.—an amended "first page" should be prepared. A copy goes to the TLE who replaces the previous entry in the Trust Record Book, but in the folder the original entry and all the amendments (latest on Top) are kept together to show the history of the Trust, dates of changes, etc. Where any item on the Date List is changed a note must go to the TLE. Again a short printed or dupli- cated slip would be useful. (The information can then be dictated as can the whole of the "first page" so as to limit senior work. How much the TLE can delegate will depend on each office and whether he has a senior girl or legal executive trainee working with him—he should have!) Copies of attendance notes of interviews with Trus- tees or beneficiaries should go into the Trust Folder. In detail the file and the folder should be complete and related, but the information in the Folder should always be maintained and processed so it is concise and up-to-date. Each Trust should have a full review once a year and an interim one at the six month stage. The "first page" should show these review months. For example, a Trust coming in force in January should be shown for review as January/July. The Review Diary should be a loose-leaf A4 size book of 12 sections or pages, one for each calendar month. Each Trust is entered twice (once in capitals) and followed by the initials of the person in charge of it. The duties of the TLE are : (a) To maintain the Trust Record Book and Review Diary. (b) To use the Personnel List to ensure Trusts are being properly looked after and to control (by refer- ence to our consultation with the partners) a reason- able division of the Trust work load. (c) To follow up Review dates and action revealed necessary by the Date List. (d) To ensure a consistency and continuity of office policy to all Trusts to the advantage of clients and the intentions of the creators of settlements and of testators in particular. If the ideas in this article have any appeal to your office they can be progressively implemented in Four Stages: Stage 1—Appoint a TLE and let him get his own Trusts into the, system first. Stage 2—Let him show this article to others involved and be prepared to explain the merits of the system to them. Stage 3—Ensure that all New Trusts then come into the system.

Mr. N. O. Partner (1) Freda Adams (Widow) and William Adams (Son).

1 Somewhere Road, Anyplace AP6 7SW. Deal with Son—Tel : Anyplace 2345.

Source:

Will of Deceased. Date of Death : 14/11/73.

Income:

To widow for life (aged 67 at date of Deceased's death). Mandated to George Bank, Anyplace Branch, A / C No. 00060071. £ to son, William, absolutely. \ to daughter, Mrs. Jane Eve, for life and then to her children absolutely. Acres & Miles, Estate Agents, 18 Wide Street, Anyplace. Bear Bull & Co., Stockbrokers, 17 Market Street, Anyplace. No Accountants. Accounts kept and tax done in the office. Riverside, River way, Anyplace—occu- pied by widow on payment of rates. One private mortgage (existing, at date of death). 14 Superblock, Central Avenue, Any- place. Let as flats. Stock Exchange securities as per Brokers' valuation. New Houses Building Society Share A / C. 3 Local Authority Mortgages. Only to postpone sales. Trustee Investment Act 1961 applies. Charging clause for N. O. Partner.

Residue:

Agents:

Accounts:

Trust Assets:

Powers:

Reviews:

December and June.

1 8 / 1 2 / 73 TLE NOP / TLE /C

Date-List Information re : F ADAMS, Deceased. £2,000 Anywhere Corporation 6 f% Redeemable 31 March 1976. £1,500 Anyplace Corporation 7£% Redeemable 30 October 1978. £500 East Anyhow Water Board 5% Redeemable 30 September 1979. £1,000 National Westminster Bank 8£% S u b o r d i n a t ed Unsecured Loan Stock 1980. £750 Greater London Council 9£% Stock 1980-82.

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