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

1. 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.

2. Click on the Parties tab.

3. Click on I would like to in the top right corner and select if the associate is a person, a company/organisation or a trust using the drop down menu. 

 

IMPORTANT: Search your existing contacts

In the subsequent form after selecting the type of association you are creating, it is good practice to use the "search your contacts" function to prevent setting up duplicate profiles for the same person/entity. If no match appears in the search, proceed with completing details using the "Add new instead" button.

If multiple copies of the same contact appear in the list you should merge your contacts before proceeding with adding them into the trust.

 

Adding a Person

First search for the persons name using the "search your contacts" function. 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 the "Add new instead button" and complete their details on the subsequent form.

 

Adding Another Trust

First search for the name of the trust using the "search your contacts" function. 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 your contacts" function to correctly link the entities. This is useful if you intend to use Connectworks for digital signing.

If you do not wish to load the trust you can manually enter the details by selecting "Add new instead button" and completing the trusts details on the subsequent form. 

 

A Company or Organisation

Use this option for corporate trustee companies for the trust. First search for the company using the "search your contacts" function. 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 (regardless of whether your firm is responsible for the company's management).

Corporate trustee companies are free subscriptions in Connectworks when there is an associated trust loaded, and importing it from the Companies Office will make the directorship, address and current shareholding information available for contact, document signing and AML compliance purposes.

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

International companies, advisors to the trust, or companies you do not wish to import can have their details manually set up using the "Add new instead" button and completing the details on the subsequent form.

 

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.

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, such as the trust's accountant or lawyer.

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. Prior to this you can assign their access rights within the trust.

Access Rights:
  • No access
  • Custom access - assign access rights using the tick-box options below.
  • Administrator - unrestricted access to perform all actions within the trust, except generating documents from Connectworks precedents.

Custom 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 nominate to invite them to access the trust workspace.

See more on inviting in clients here:

 

Create Association

Once you have finished entering in all the information about the associated party, click the Create button in the top right corner and you will be returned to the main Parties page.

 

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. Follow the steps outlines above to create the associates profile within the trust, and then see our article on Retiring trustees & beneficiaries to complete the historical record.