For a trust to operate, it needs people to look after the assets it holds for the beneficiaries of the trust. This is what trustees do. Trustees must comply with numerous laws and having someone understand how trustees should behave and how trusts should operate can increase the effectiveness of a trust. That is where we come in. Whist not legally essential, having an independent trustee who is conversant with law and accounting goes a long way indeed to ensuring a trust operates as it should. We often act as independent trustees, helping our co-trustees carry out their duties properly. Keep reading to ascertain how our help can reduce the chances of trustees inadvertently failing to fulfill their functions properly and the ways in which we strengthen the integrity of trusts.
Choosing an independent trustee is a hugely important task as other trustees rely upon their expertise. It for this reason we believe independent trustees should:
Unquestionably the role an independent trustee performs has become more challenging in recent times with the passing of legislation. Trustee obligations have certainly become more onerous. Beneficiaries rights have been strengthened too.
Obligations and rights are different sides of the same coin. Fail in your duty as a trustee, and you can be held personally liable by beneficiaries and other parties. This is why we don’t think it fair to place the responsibility of trusteeship on friends and family. No friend nor family member wants their own personal assets threatened. Additionally, rarely will a friend or family member be able to prove there are truly independent and free of bias. It is for this reason we think experience and expertise is needed in an independent trustee and that is exactly what we bring to our role when helping clients with their trusts. We have the experience, knowledge and skills required to administer and manage your trust.