What is the requirement in the event of the demise of the Private Portfolio Custodian?
The Private Portfolio Custodian must submit a final account of the Private Portfolio audited or reviewed by an independent auditor and provide all relevant data, papers, and documents to the Private Portfolio Creator, Beneficiaries, Private Portfolio Protector, or the Competent Court if appointed. The Custodian remains responsible for the Private Portfolio Funds until the handover of their current work is completed and takes necessary steps to transfer the rights over the funds to the new Custodian(s) promptly.