Adding Associated Parties to a Trust

Overview

This Article will guide you through the process of adding associated parties to a trust. All people and entities involved in a trust should be recorded. Record both present and historical associations to maintain accurate records.

1. Where to add an associated party

2. Search Existing Contacts

3. Adding a Person

4. Adding Another Trust

5. Adding a Company or Organisation

6. Assigning Roles and Associations

7. Assigning Access Rights and Inviting in Associated Parties

8. Recording Historical Associations (retired trustees and beneficiaries)

 

Where to add an associated party

From your firm workspace navigate to Clients>Trusts then select the name of the trust from your client list to enter into the trust workspace.

1. Click on the Parties tab.

2. Click on Add Associated party. 

Screen_Shot_2019-02-08_at_3_21_23_PM.pngNOTE: If the Trust has already been established, listed will be Trustees, Beneficiaries, Lawyers, Accountants etc. You can add additional people at any time, as well as remove people.

 

IMPORTANT: Search your existing contacts

Before adding any new association it is best practice to search for the person or entity using the existing contact or client option. This prevents the creation of duplicates in the contact list.

Screen_Shot_2019-08-29_at_12.27.53_PM.png

 

Adding a Person

First search for the person using the "existing contact or client" option. If the person appears in this search simply select them from the list and continue completing the fields.

If the person does not appear in the existing client or contact search select 'a new person' and fill out their details.

Screen_Shot_2019-08-29_at_12.31.07_PM.png

 

Adding Another Trust

First search for the trust using the "existing contact or client" option. If the trust appears in this search simply select them from the list and continue completing the fields.

If the trust is a client of your firm (or likely to become one) we recommend loading the trust into Connectworks first and then using the "search existing..." function to correctly link the entities.

If you do not wish to load the trust you can manually enter the details by selecting another trust.

Screen_Shot_2019-08-29_at_12.31.30_PM.png

 

A Company or Organisation

Use this option for Corporate Trustee Companies and any law or accountancy firms acting for the trust.

First search for the company using the "existing contact or client" option. If the company appears in this search simply select them from the list and continue completing the fields.

If the company does not appear when searching we strongly recommend reviewing our article on setting up corporate trustee companies and importing your trustee company from the Companies Office. Corporate trustee companies are free to manage in Connectworks when there is an associated trust loaded.

After importing the company return to the trust workspace and add them as an association using the search existing contact or client option, then proceed with assigning their role/s within the trust.

International companies, advisors to the trust and companies you do not wish to import can have details manually entered by selecting the new company or organisation option.

Screen_Shot_2019-08-29_at_12.34.04_PM.png

 

Assigning Roles and Associations

If the entity is a beneficiary:

1. Scroll down to 'Roles and associations' on the 'Add association' form

2. Tick the box next to Record as Beneficiary

3. Change Date of appointment if required, the date auto-populates as the settlement date.

You can also select the type of beneficiary from the drop-down menu:

Beneficiary Type:

  • Discretionary
  • Primary
  • Secondary
  • Final
  • Life / Limited Interest
  • Remainder
  • Other

 

If the entity is a trustee: 

1. Within the 'Roles and associations' section, tick the box next to Record as trustee.

2. Change Date of appointment if required, the date auto-populates as the settlement date.

3. You can also tick Is the principal contact for their email address to appear in the 'Primary Contact' section on the Workspace tab.

Screen_Shot_2019-08-29_at_12_36_58_PM.png

Other Associations - When creating a new relationship you must associate them with at least one role OR being a trustee and/or beneficiary.

Advisory Roles - To specify a professional relationship within the trust.

Positions held  - Chairman, Treasurer or Secretary - These roles apply to charitable trusts. Select all that apply.

Abilities - Select if there are any legal issues related to the person's ability to sign or make decisions.

 

Assigning Access Rights & Inviting in Associated Parties 

By default, associated parties will not be able to access the trust until invited in by your firm. You can edit the access rights given to the associations within the trust.
Screen_Shot_2019-08-29_at_12.41.37_PM.png
Access Rights:
  • No access
  • Custom access - assign access rights from the options listed below.
  • Administrator - unrestricted access to perform all actions within the trust, except generating documents from Connectworks precedents.

Access options:

  • Can view the minutes, documents and other records
  • Can initiate discussions
  • Can create minutes and documents
  • Can manage finances
  • Can manage relationships
  • Can edit the profile
 

Inviting in Associated Parties

The trust must first be subscribed to a 2-party or Unlimited subscription plan to enable you to invite people outside your firm to access.

If you would like to allow associated party access to access the trust workspace you can invite them in by entering an email address. If this option is selected they will receive an automated email inviting them to set up a Connectworks login to gain access the trust workspace.

 

Create (& Add Another)

Once you have finished entering in all the information about the associated party, click Create and you will be returned to the main Parties page. If you need to add more associations, click Create and add another.

Screen_Shot_2019-08-29_at_12_42_12_PM.png

 

 

Recording Historical Associations (retired trustees & beneficiaries)

To maintain an accurate record of the trust we recommend recording all historical associations, as well as active ones. Please follow this link to review the process for recording historical trust associations.