The role of a trustee involves numerous responsibilities and an overriding duty of care to the beneficiaries. For an individual not used to dealing with Trusts this can be quite a pressure and may lead to mistakes in the administration of the Trust, even if not intentional.
By appointing a professional trustee, you will have someone who has the relevant expertise in trust administration to ensure that the aims of the Trust are met and that all tax and legal duties are fulfilled to ensure that there are no penalties or costs incurred unnecessarily.
Where there may be discretions to exercise, it may be difficult for a trustee who is also a beneficiary to make such decisions in an impartial, unbiased way and may feel it is impossible to not let their own position as a beneficiary impact on their decision one way or another. A professional trustee will be able to act from a position of neutrality and assess all the circumstances of the Trust to make their decision to balance the interests of all beneficiaries.
Appointing a professional trustee can also help provide for the future of the Trust by ensuring that there are solicitors who can continue the role of trustee in the future with a smooth handover, as the records will have been maintained and the information available to provide for the ongoing decision making of the trustees.
How we can help you
We have a number of partners and solicitors within the Personal Law team who can act as trustee and adviser. Members of our team are Society of Trusts Estate Practitioners (STEP) qualified, meaning that they have the key additional professional qualifications to ensure that we each have the relevant knowledge to perform the role of trustee.
If you would like to find out more about professional trusteeship, please speak to a member of our team.