Lutea’s primary activity is to act as Trustee of Settlements and to administer those Settlements.
Lutea can help in the initial establishment or transfer of trusts, including the drafting of suitable documentation and letters of wishes.
Lutea’s administration services include the following:
- Maintenance of statutory Trustee minutes
- Regular monitoring of Trust assets.
- Maintenance of accounting records.
- Production of annual accounts. Our aim is to produce them within 3 months of the year end.
- Optionally, production of accounts on a quarterly basis, usually 1 month after the quarter end.
- Preparation of Trust tax returns (for UK only).
- Provision of relevant information to a Settlor or Beneficiary or his or her adviser for taxation purposes.
- Regular meetings with the Settlor or Principal Beneficiaries of the Settlement.
Lutea charges for its administration services on a time basis and not by reference to the value of the fund.
It prefers wherever possible to agree in writing a fixed fee with the Settlor or Principal Beneficiaries for its annual administration charge, which it levies annually in advance on 1 January each year.
Because changes in investment policy or unforeseen occurrences may arise from time to time which incur greater time costs than anticipated, Lutea will reserve the right to charge a higher fee if the time costs should exceed the fixed fee.
This will usually be done after discussion with the principal.