Trustees play an important role in the management of Trust assets and can be held personally liable for any losses made by the Trust if they don’t carry out their duties properly.
Being a Trustee carries a great deal of responsibility. Trustees need to know and adhere to the terms of the trust and can be held personally liable for any losses made by the Trust if they don’t carry out their duties properly.
Therefore it is surprising to learn that when people set up a Trust they often look to their children and other family members, as their first choice of Trustees. However, ALL Trustee’s must agree on how the deceased assets are distributed and as we all know, when it comes to families this can be extremely problematic, especially when it comes to making difficult and sensitive decisions.
There has even been cases where the surviving parent has requested money from the Trust they are the main beneficiary of but the Trustees, their own children, have refused this, picturing their inheritance being lost. Imagine having your own children in charge of how you spend YOUR own money!
A professional Trustee will ensure funds are distributed in line with the Settlor’s wishes, in the tax-efficient manner and with the maximum protection. They cannot be swayed by pressure from a beneficiary and take a totally unbiased approach when dealing with the deceased’s assets.
The simple truth is that a professional trustee who does their job keeps the Trust out of trouble, usually expensive trouble that a lay Trustee would not have seen coming. They’re like the Family Trust Police!
Why take the risk? Appointing a Professional Trustee means making sure you put your money in hands you really can trust.
Contact us to find out more.