This article will guide you through the start to finish process of manually creating a trust profile. There is a downloadable training workbook at the bottom of this article. If you have a large number of trusts (or corporate trustee companies) please see our article for more information on our bulk import process.
10. Minute Book
Things to prepare before setting up your trust
Before setting up your trust in Connectworks it’s a good idea to compile key information in one place. To help you gather the right information the excel template pictured below is available to download, and should be completed for each trust. However, any information missing can still be added directly into the trust once loaded in Connectworks.
Corporate Trustee Companies
If your trust has an active (i.e. not retired) corporate trustee company, it is important to load this into Connectworks prior to setting up your trust. Importing the company first enables you to link the company to its associated trust/s and create an accurate record of the roles held by the company. Corporate trustee companies are free of charge to manage within Connectworks when there is an associated trust subscribed.
NB. If there is no active corporate trustee company skip this step and move on to section 3. Manually create a trust
Bulk importing corporate trustee companies
If you have large number of companies you want to set up, but don’t want to spend the time importing or creating them one by one, just email Connectworks and we’ll arrange a bulk import.
How to Import your Corporate Trustee Company
First check if the corporate trustee company is already loaded in your Connectworks Firm Profile:
1. Select Clients (left-hand column), then Companies (top tab), then search for the company name using the search bar. If the company appears then skip the next step and move on to section 3. Manually create a trust
2. If the company does not appear when you search for it, you will need to import it from the Companies Office. Select the “I would like to” drop-down, then “Import a Corporate Trustee Company” Simply type the name, company number or NZBN into the search bar that appears and then select “Import”
Manually create a trust
1. Go to Clients (left column) then Trusts (top tab). Select the “I would like to” dropdown and “Create a new trust”
2. Using your Trust Information Template (completed during section 1. Things to prepare before setting up your trust) enter as much detail as you can about the trust. Be sure to select a subscription plan for the trust, or you will not be able to proceed from this step. If unsure please email firstname.lastname@example.org for our current plans and pricing.
Important: Entering the settlement date during this step will save a lot of manual data entry.
This date flows through to auto-complete the appointment date of all beneficiaries, trustees etc. In most cases, this is correct and means only newly appointed trustees/beneficiaries will require amending.
If left blank the settlement date will default to the current date and all people associated with the trust will need to have their appointment date manually changed later.
3. It is good practice to change the “Set Up Status" to preparing. This creates a flag in the overall trust list, allowing other staff to easily identify trusts which may be incomplete. Later you can update this status to “review” for a manager to check, “attention” or “alert” for missing information, or “set up complete” when you are satisfied all information has been added to the profile.
5. When you are satisfied that the details of the trust have been recorded select “Create”. You will be automatically redirected to the new Trust Workspace. This is the overview which displays all key information regarding the trust.
You can then access, create and edit things such as documents and people associated to the trust using the tabs in the left hand column.
You can edit key details about the trust at any time by selecting “Edit Trust Profile” in the top right.
At this stage you may also choose to assign the trust to the Partner, Manager and/or Business Unit responsible for its oversight. These options can be located in the Client Administration tab after selecting "edit trust profile".
Adding Associated Parties
After setting up your trust profile click into the Trust Workspace to add the associated people & entities. Record both active associations and retired associations to create an accurate trust profile.
1. Access the Parties tab from within the Trust Workspace.
2. Select “Add associated party”.
3. It is good practice to search using the “existing client” search function to prevent adding duplicate contacts. If no match appears, proceed with completing details collated on your set up template in section 1. Things to prepare before setting up your trust .
Retiring an Associated Party and Recording Historical Roles
After adding all associated parties (active and historical) as per the previous step, retire any associated parties who are no longer active.
1. Still in the Trust Workspace>Parties tab select the associated party to be retired with the tick box, and then edit the profile using the Cogs.
2. You will now be given the option of entering a retirement date against the contact. Complete this detail and select save & close.
3. To make the parties tab display only active associations by default, remove any access rights for retired associations - select the contact in the list using the tick box and then use the Cogs drop down to select the “Remove access”. This helps to prevent errors such as accidentally inviting retired contacts into Connectworks.
Editing appointment dates or removing a beneficiary or trustee added in error
By default Connectworks locks appointment dates so they cannot be changed later. To resolve an incorrect appointment date entered against a person you will need to un-assign and reassign them from the role. Select the “I made a mistake, remove from history” and then re-appoint with the correct date.
If you’ve accidentally assigned someone to the wrong role, simply click into the edit profile screen and select the “I made a mistake, remove from history” option. Save and close.
After removing the client from an assigned role if they have no historical associations to the trust you may want to delete the person completely from the trust profile. You can then discard them using the Cogs drop down on the main list. Parties with assigned roles cannot be discarded.
Linking a Corporate Trustee Company
1. To link your trust to the Corporate Trustee Company loaded in section 2. Importing a Corporate Trustee Company simply select “Add associated party” and search for the company name in the existing client or contact field. When it appears in the list select it and continue adding details as you would for any other trustee. Remember to change the appointment date, if different from the auto-completed date.
2. If your company does not appear in the search, return to Clients>Companies menu and import it as per section 2. Importing a Corporate Trustee Company
How to set up beneficiary classes (eg children of the settlors)
Not all trust deeds specify all associations by name. It is particularly common for beneficiaries to be named as “Children of the Settlors” or “Grandchildren of the Settlors”. Due to AML requirements we recommend using legal names wherever possible, however, we understand this will not always be possible.
1. When a full legal name is not available/cannot be provided, but you would like to enter a beneficiary class that can be easily merged using one of our precedent templates, simply select “Add associated party” and enter the desired text to appear in documents into the last name field. Then complete the profile as you would for all other associated parties.
2. When you can obtain the full legal name and D.O.B of the associated party enter them as an individual and also add notes on their role in the trust in the “additional notes” section of their profile. This adds clarity to their association, without having to refer to the trust deed.
Uploading Historical Documents, Document Tags & Confidential Documents
Historical documents can be uploaded individually or in bulk (up to 10 at a time). Individually loaded documents can be renamed before uploading, while bulk loaded documents will be uploaded with the name you have saved on your hard-drive (this can still be updated later). It is recommended to ensure a consistent naming format for your documents before bulk uploading.
1. Enter the Documents tab from the trust’s workspace.
2. Select the “I would like to” drop-down and then “Upload a document (Historical)" for individual documents or "Bulk upload documents" to upload up to 10 documents at once.
3. Either drag & drop your document/s into the upload area, or search your hard-drive using browse.
4. Apply Document Tags to ensure the documents are easily searchable, and that key documents appear on the main trust workspace. For your reference, a copy of our current Trust Document Tags can be downloaded here.
5. Enter a description of the document if desired.
Tips on document naming convention:
When you upload a document into Connectworks the file will be named as it was saved to your hard drive. For individually uploaded documents you have the option to rename them while uploading, but for bulk documents you would need to edit them later. Preparing your documents with a standard naming convention before uploading them will make it quicker and easier to find what you need, and keep your documents in order.
Connectworks recommends a naming convention such as YYYY-MM-DD ClientReference DocumentName
The benefits of this style of naming are:
- Documents will be arranged in chronological order by default, saving you the need to enter the publishing date for historical documents. This only works by using the American style date format of year, month, day.
- Including the client reference means that misfiled documents are easily identifiable. It also means that if you download documents from Connectworks you’ll be able to easily identify which client it relates to, and documents from a single client will be grouped together.
- Including a descriptive document name makes it easier to search for. Include multiple keywords and you’ll be able to quickly find what you’re looking for with the search function.
Any documents uploaded and tagged as a Minute or a Resolution will automatically appear in the Minute Book. You can also upload resolutions and minutes here, or create new resolutions for approval & discussion with connected users.