Protect Your Will – There Only Needs To Be One Reason Why
Trustees’ Common Law Responsibilities
These are just a few of the many Common Law Responsibilities a Trustee has:
- Duty to take account of Tax considerations
- A duty to take account of the Settlor’s wishes
- Duty to ensure fairness between Beneficiaries – the Trustees must hold the balance fairly between different categories of Beneficiary
What Duties Does A Trustee Have?
- The Trustees must use their utmost diligence to avoid any loss. If they are negligent a loss arises they may be responsible for that loss to the Beneficiaries.
- All Trustees should familiarise themselves with the terms of the Trust so that they can administer it in accordance with the Trust deed.
- All dealings with the Trust fund by the Trustees must be for the benefit of the Beneficiaries.
- All Trustees must act unanimously. Trustee’s decisions cannot be made by a majority of Trustees under English Law unless the Trust specifically allows this.
Why Should I Use A Professional Trustee?
The role of a Trustee is a position that can be very daunting for an untrained person and often decisions will be made which may not be completely in the interest of the Beneficiary. It is often the case that the Trustees do not have a clear understanding of the impact their decisions may have on the Beneficiary’s Inheritance.
A professional Trustee gives consideration to the Tax status, financial status and marital situation of the intended Beneficiary. This way, it can be ensured that the assets would not be lost to creditors or future ex-spouses.
Using a professional trustee can mean gaining advice crucial in preserving assets and ensuring as much as possible is received by the intended Beneficiary and is not lost to Tax, Divorce or in settlements to Creditors.
It will also ensure that a totally unbiased approach is taken when dealing with the Deceased’s assets and that the Settlor’s wishes are completely upheld – as can often prove a problem within families if a family member is a Trustee.
Your beneficiaries could lose out if you do not choose a professional trustee:
If you have any questions regarding Professional Trustees, don’t hesitate to speak to our team of experts on 0845 8948 441 or email firstname.lastname@example.org and we’ll get back to you promptly.