Once you have completed the import of the trust from XPM we recommend you follow these steps to review and tidy the data in Connectworks.
We’ll work through an example here which highlights the typical areas that need reviewing and amending to ensure things are structured well in Trustworks.
NOTE: Before you begin the process of updating the trust, ensure that you have all the trust deeds, variations and retirement and appointments of trustees relating to the trust.
As XPM only hold a certain amount of trust specific information only some information is populated into the trust from the import, there are lots more you can add.
Using the trust deed the following information can be updated. To update the Workspace page, click Edit trust profile
- Settlement Date (this date is key as it's used for trustees & beneficiaries in Associated Parties)
- Vesting Date
- Annual Review, Gifting Date etc.
With the import from XPM, if no dates are specified for the trustees and beneficiaries, the date of the import from XPM is the date used which will need updating.
In our example, we know from the Settlement date that the trust was setup on the 1st January 1998. Now we work through the parties to update the correct dates. Select the first person, and select edit from the menu.
Scroll down to Roles and Associations, Robert James was imported with the incorrect beneficiary and trustee dates.
Place a tick in "Remove as Beneficiary" and "Remove as Trustee". Select the tick box "Or. I made a mistake remove from history" in both options.
Now repeat the steps for Robert to edit and select the correct dates. Also Robert is the Settlor and Appointor for the trust (trustee).
If the person you're adding / editing was appointed with a deed of appointment you will need to enter the correct date they commenced in the role.
Once you have finished updating the information, click Save
The person has now being updated with the correct information.
NOTE: Ensure the associate parties is setup as per the trust deed and any appointments and retirements.
In this example Andrew McLaughlin and Juan Carlos Smith formed part of the trust record as trustees.
Corporate Trustee Company
With Corporate trustee Companies, there are several options to consider.
Historical corporate trustee companies
- Simply select the appropriate dates for the company where it was a trustee in the trust, no further action required.
Active corporate trustee company
- To ensure your records remain up to date and accurate and to allow you to manage the corporate trustee companies in Companyworks, we recommend removing the imported corporate trustee company, and update with the details of the company imported from Companies Office.
To begin the process, recommend you have duplicate tabs open in the browser. Ensure you can see the firms name, Click Clients, Companies
On the right select "I would like to..", Import a corporate trustee from Companies Office (NZ).
Begin to type the name of the corporate trustee company into the search area.
Click Import. Here we can see the imported corporate trustee company.
Now click back into the James Family Trust, ensure that you have associated parties tab open.
Click Add Associated Parties, select an existing contact or client.
Type the name of the corporate trustee company to select it from the drop down list.
Scroll down to Roles and Association, and select "Record as Trustee", ensure the date entered matches the appropriate deed especially if the corporate trustee company was a trustee after the initial deed.
This will return to the main associated parties page and will show the company twice.
Now we will remove the imported trustee company, which will have the "invite" button next to it.
Highlight the trustee company, at this stage you will not be able to delete it.
Select edit, scroll down to "Roles and Associations" the trustee association needs to be removed.
Place a tick in "Remove as Trustee". Select the tick box "Or. I made a mistake remove from history"
Select the corporate trustee company, now delete is available. Select delete to remove the company. a dialogue box will appear, click OK.
The Associated Parties might look something like this once you have finished upating the information.
By updating the relevant information correctly, in the Corporate trustee company you can see all the trusts managed by the Corporate trustee company.
Ensure you can see the firms name, Click Clients, Companies
Select the company, select Directories, Trust and Trusteeships
Ensure you can see the firms name, Click Clients, Trusts
Click "I would like to..", Export a list of Corporate Trustee Trusts (PDF). This will show the trusts and the Corporate Trustee Companies that are trustees.