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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.
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:
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.
Residue:
£ to son, William, absolutely.
\ to daughter, Mrs. Jane Eve, for life
and then to her children absolutely.
Agents:
Acres & Miles, Estate Agents, 18 Wide
Street, Anyplace.
Bear Bull & Co., Stockbrokers, 17
Market Street, Anyplace.
Accounts:
No Accountants. Accounts kept and
tax done in the office.
Trust Assets:
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.
Powers:
Only to postpone sales.
Trustee Investment Act 1961 applies.
Charging clause for N. O. Partner.
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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