Professional Trustee Services
Professional Trustee Services
Our Professional Trustee service forms a core part of our services to Trust clients
Choosing appropriate Trustees is often one of the most challenging decisions and it is advisable to take advice from those already experienced in Trust matters.
The role of a Trustee varies according to the nature of the Trust. For example, a trustee of a bare trust has primary duties to undertake a certain specifically designed transaction, such as holding property or assets for a particular beneficiary. The requirements of the role of a bare Trustee are somewhat different from those in a ‘discretionary trust’ role where there are powers to benefit beneficiaries at such times and in such a manner as the trustee(s) decide appropriate. There may be investments to manage, property to hold securely and many other duties and responsibilities which arise out the circumstance and nature of the Trust creation.
The temptation is to appoint one or more of the primary beneficiaries to the role of ‘Trustee’. That is to ensure that the beneficiary has a say in the operation of the Trust to which they benefit.
Often alongside the ‘lay trustee’, a Professional Trustee is desired. That is usually following professional advice on the matter and essentially a Professional Trustee is appointed to benefit the Trust.
Benefits particularly include:
– Independence;
– Experience & Expertise; and
– Added Responsibility
Please see our Professional Trustee Services Guide for more details and information.