Trust review questions: what to ask before reviewing an existing trust

Most people ask for a trust review because something feels unclear: nobody has explained the structure for years, a trustee has changed, or a family member has started asking questions. The answers below cover the trust review questions we hear most often, from the trustee's side of the table. They are general information; what applies to your trust depends on the deed, the people involved and where they live.

What a review covers

What does a trust review actually cover?

A review reads the trust as it exists on paper and as it is run in practice. It looks at the trust deed and any amendments, the trustee's decisions and minutes, the accounts, the bank and custody arrangements, the beneficiary and protector positions, and the tax and reporting status of the structure.

The aim is a clear picture of what the trust is, who controls what and whether the trustee is doing what the deed says. It is a reading exercise first and a recommendation exercise second.

Is a review the same as an audit?

Not quite. A statutory audit checks accounts or regulatory conditions. A trust review is wider: it asks whether the structure still fits the family's situation and whether the administration matches the deed. Some trustees are themselves audited every year as regulated firms (see the sources below), but that audit does not replace a review of your particular trust.

Does a review look at the trustee as well as the trust?

Yes, and that is often the point. You can assess how decisions are recorded, how the trustee answers requests, whether regulatory status is current and how continuity is handled if a key person leaves. The due diligence guide lists what to check.

Does a review give legal or tax advice?

A review reports findings and options. Advice on a specific legal or tax question depends on your residence, the beneficiaries' countries and the nature of the assets, so it needs an individual analysis, usually with your own advisers alongside.

Can a review cover a trust run by a trustee outside Switzerland?

Yes. A foreign trust can be read in the same way. If the review suggests a move, the steps are described in moving a trust to a trustee in Switzerland.

Documents and records

Which documents do I need to gather?

The core set is the trust deed with all amendments, any deed of retirement and appointment, letters of wishes, trustee minutes and resolutions, annual accounts, bank and custody statements, and correspondence with the protector. Anything on tax filings or reporting classification helps too. The documents checklist is a practical starting list.

What if the trust deed is missing?

Start by asking the current and former trustees, the bank and the lawyer who set the trust up; certified copies are often held in more than one place. If none exists, the review records the gap as a finding in itself, because administration without a deed is hard to defend. Next steps then depend on the governing law and the facts, and need individual advice.

What if the records are incomplete?

Incomplete minutes or missing accounts are common in older structures. A review lists what is missing, what can be reconstructed from bank records, and what the trustee should rebuild going forward. The case study on missing minutes shows how this looks in practice.

Do I need the settlor's original letter of wishes?

It helps, but a review can proceed without it. A letter of wishes is guidance rather than a binding instruction, and the review will note whether it is current. See how a trustee uses and updates letters of wishes.

Can I give the reviewer access to the trustee's files directly?

Usually the trustee supplies the file, or you do as a person entitled to it. Access rights differ by role and by the deed, so the reviewer first confirms who is entitled to see what. The guide on information your trustee must give you explains the usual limits.

Process, timing and outcomes

How long does a review take?

It depends mainly on how quickly the documents arrive and how many entities the structure holds. A single trust with tidy records is quicker than a structure with companies, property and several jurisdictions behind it. The timetable is usually agreed after the confidential assessment.

What does the process look like?

A typical sequence is scoping, document collection, reading, questions to the trustee, a findings report and a discussion of options. Nothing needs to change in the trust while the review runs.

What does a review cost?

Fees depend on the size and complexity of the structure and are indicated after the confidential assessment. Trustee remuneration is a separate subject, covered in how trustees are paid.

Will a review lead to a change of trustee?

Not necessarily. Many reviews end with a list of fixes the existing trustee can make: updated minutes, a refreshed letter of wishes, clearer reporting. A change is considered when the findings show a lasting problem. The comparison switch trustee or stay and fix sets out how to weigh the two.

What kinds of findings are most common?

Gaps in recordkeeping, a deed that no longer matches how the family lives, unclear protector powers, bank accounts that nobody has mapped, and reporting classifications that were never revisited. Rarely is there one dramatic problem; usually there are several small ones.

Can the review tell me whether my trustee is properly authorised?

It can check whether a professional trustee in Switzerland appears among those under FINMA's regime. Trustees are subject to FINMA supervision under Article 61 of the Financial Institutions Act (FinIA, LEFin), with day-to-day supervision exercised by an authorised supervisory organisation. The review confirms the status; it does not replace the register. The page on FINMA and SO-FIT approval explains the framework.

Who sees the findings, and who can ask

Who sees the findings?

The person or entity that commissioned the review receives the report. Whether the trustee, the protector or other beneficiaries see it is decided at the start, because the report can contain confidential family information. If you are not the commissioning party, you may only get a summary.

Can a beneficiary ask for a review?

A beneficiary can ask the trustee for information, and may commission their own reading of what they receive. Whether they can compel a review depends on the deed, the governing law and their rights under it. Where the relationship is strained, see a dispute between beneficiaries and the trustee.

Can the settlor commission a review?

If the settlor is alive, they often do, particularly where they hold reserved powers. A settlor's right to receive the trustee's report is a question of the deed and applicable law, so the reviewer checks that first. The guide on settlor reserved powers covers this.

Does the current trustee have to cooperate?

A trustee is expected to be open with those entitled to information, and a trustee with nothing to hide usually cooperates. If cooperation stops, that is itself relevant to the findings. Further steps depend on who is asking and on the deed.

Will the review stay confidential?

Confidentiality is part of how the work is set up. The report goes to the commissioning party, and any wider circulation is agreed in advance. Information is shared only where the law requires it.

Timing and special situations

How often should a trust be reviewed?

There is no single legal rhythm. A light health check each year and a fuller review every few years, or after a major event such as a death, a sale of the business, a divorce or a move abroad, is a common approach. See the annual trust health check.

Should I review a trust I have just inherited?

Yes, early. You may not know the deed, the trustee or the protector, and you may be asked to decide quickly. The page on inheriting a trust and choosing a trustee explains the first decisions.

What if nobody has looked at the trust for years?

Start with a reading of the deed and the latest accounts, then ask the trustee for a current position. A trust with no one watching is the situation where a review tends to find the most. See a trust nobody has looked at for years.