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A trustee handover file is the set of documents, accounts and explanations that an outgoing trustee gives to the incoming one when a trust changes hands. If you are the settlor, a protector, an adviser or a beneficiary involved in the change, this page tells you what the file should hold and how to check, without relying on anyone's word, that it is complete. The checklist below is built to be printed and ticked off at a table.
What a trustee handover file is
When a trust moves from one trustee to another, the new trustee inherits obligations without having lived the history. The handover file is what closes that gap. It is not a single document: it is a bundle that lets the successor understand what the trust owns, why past decisions were taken, and what is still open.
A good file answers four plain questions. What does the trust own, and in whose name? What has been decided, by whom, and on what basis? What is pending or uncertain? And who must be told that the trustee has changed?
The file sits at the end of changing trustee step by step and works best when you have already assembled the documents to gather before changing trustee. Where a trust is being moved to a Geneva trustee, the same file also feeds the successor's own onboarding checks.
Why completeness matters
The Hague Convention on trusts, which applies in Switzerland, describes a trust as assets placed under a trustee's control, forming a separate fund, with title held in the trustee's name and a duty to manage and account for them (Art. 2). The Convention also treats separation of the trust assets from the trustee's personal estate as the minimum consequence of recognition (Art. 11).
Both points have a practical reading. Because title is in the trustee's name, assets only follow the trust to a new trustee if each title is actually transferred or re-registered. Because the trustee must account, the successor needs enough records to continue accounting without a gap. A missing item is rarely dramatic on the day. It tends to surface months later, when a bank asks a question nobody can answer.
The right content depends on the trust's governing law, its assets and the places where the beneficiaries live, so treat this list as a framework to adapt after an individual review.
Printable checklist
Print this section and give a copy to each person involved. Tick an item only when you have seen the document, not when someone says it exists.
Constitutive documents
- Signed trust deed and every amendment, in the latest consolidated form
- Deed of retirement and appointment, signed by the right parties
- Letters of wishes, with a note of which is the latest
- Any reserved-powers documents and protector appointment papers
Assets and accounts
- Schedule of all trust assets, with the name in which each is held
- Bank and custody account details, with signatory lists to be changed
- Title documents for property, company shares and other registered assets
- Loan, guarantee or security documents granted over trust assets
Decisions and records
- Trustee minutes and resolutions, including distribution decisions
- Annual accounts and the trustee's working papers
- Correspondence with beneficiaries, the protector and advisers
- A list of open matters: pending requests, claims and disputes
Compliance
- Identification of the settlor, beneficial owners, protector and beneficiaries
- Anti-money-laundering (AMLA) file and source-of-wealth records
- Automatic exchange of information (AEOI/CRS) classification and filings
- Tax filings and advice letters held by the outgoing trustee
Closing the handover
- Signed statement from the outgoing trustee that the file is complete
- List of people and institutions to notify of the change
- Agreement on who answers questions about past years
Status and evidence at a glance
The table pairs the main handover items with the status you should reach and the proof worth keeping on file.
One line filled in: an example
This is an illustration, not a real case. A family established in Lausanne is replacing the trustee of a discretionary trust. One line of their handover table, completed, looks like this.
| Item | Where held | Status | Evidence | Checked by |
|---|---|---|---|---|
| Letters of wishes | Outgoing trustee's file | Latest version identified | Dated copy initialled by the settlor | Family adviser |
Notice what makes the line useful. It says where the document is, which version counts, what proves it, and who looked. A line that only says "received" gives you none of that. Repeat the pattern for every item in the checklist.
How to confirm the file is complete
Completeness is not a feeling. Three checks give you something firmer.
Reconcile against an independent source
Compare the asset schedule with bank statements and registry extracts, not with the outgoing trustee's own summary. Differences show up quickly, and each one is a question to put to the outgoing trustee before the handover is signed off.
Test the record for continuity
Read the minute book as a story. Are there decisions with no minute, accounts with no approval, or periods with nothing at all? A gap does not prove a fault, but it should be explained in writing. The independent review of an existing trust is the natural moment to look at this, and reviewing an existing trust in ten questions gives a shorter route.
Ask the successor to sign what it received
The incoming trustee should confirm, in writing, what it has received and what it considers still missing. That receipt is your evidence if a question arises later. Use the handover file section of the due diligence questionnaire to frame the questions, and see what information your trustee must give you for the baseline you can expect.
Gaps that appear most often
- Undated or unsigned letters of wishes. Nobody can say which one the trustee relied on.
- Bank mandates left in the outgoing trustee's name. The account is formally unchanged long after the handover.
- Informal decisions. A distribution made by exchange of emails and never minuted.
- Compliance files that stay behind. The successor must run its own checks, but past records still matter for continuity.
- No named contact for questions. Once the relationship ends, queries about earlier years go unanswered.
Several of these are covered in common mistakes when changing trustee. If the outgoing trustee is slow or unwilling to cooperate, replacing a failing trustee explains how that situation differs.
Frequently asked questions
Who prepares the trustee handover file?
The outgoing trustee normally assembles it, because it holds the records. The incoming trustee, and sometimes an adviser or the protector, specifies what is wanted and checks the result. Good practice is to agree the list before the handover starts rather than after.
Is the outgoing trustee obliged to hand everything over?
A trustee must manage the trust and account for it, which is part of how the Hague Convention describes the relationship. What exactly must be passed on, and any rights the outgoing trustee keeps to its own working papers, depends on the trust deed and the governing law. An individual analysis settles the detail.
Can I check completeness myself without a lawyer?
You can do the first level: tick the checklist, reconcile the asset schedule with bank and register documents, and read the minute book for gaps. Questions about legal effect, such as whether a deed was validly executed, are for a qualified adviser.
What if documents are missing?
List each missing item in writing, ask the outgoing trustee to supply it or to explain why it cannot, and record the answer in the file. Do not close the handover on a promise to follow up without an owner for each gap.
Does the handover file include tax and reporting records?
It should include the filings and classification records the outgoing trustee holds, such as those for automatic exchange of information. The successor remains responsible for its own reporting, but it needs the history. What applies depends on the residence of the settlor and beneficiaries.
How is this different from the due diligence on a new trustee?
Due diligence looks at the candidate before you appoint it. The handover file looks at what the departing trustee leaves behind. Both matter, and due diligence on your trustee covers the first.
Sources
Considering a trust, or reviewing one?
Describe your situation in a few lines. A Geneva-based trustee reviews it in confidence and replies in writing.