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FACT SHEET 2016Closing a trust accounts fact sheet sets out the steps to follow when closing a
trust account.
INFORMATION FOR PRACTITIONERS AND
APPROVED BARRISTERS CLERKS
Transfer of existing funds
When
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What is closing a trust account?
Closing a trust account involves finalizing all transactions, distributing the remaining funds, and officially terminating the trust.
Who is required to file closing a trust account?
Any individual or entity that is responsible for managing a trust account must file the closing paperwork.
How to fill out closing a trust account?
To fill out closing a trust account, you will need to gather all relevant financial information, distribute the funds according to the trust agreement, and submit the necessary paperwork to the appropriate authorities.
What is the purpose of closing a trust account?
The purpose of closing a trust account is to ensure that all remaining funds are distributed according to the trust agreement and that the trust is officially terminated.
What information must be reported on closing a trust account?
When closing a trust account, you must report details of all financial transactions, the distribution of funds, and any relevant legal documents.
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