April 1, 2019

Why Choose A Professional Trustee?

As professional trustees we act on behalf of the testator (the owner of a Will) or the settlors (the person putting assets into a lifetime trust) to ensure that their wishes are carried out, and that the estate or trust assets are managed properly so that the beneficiaries (people benefiting from the trust) receive what they are entitled to.

People often establish a trust to ensure that assets they have worked hard to build during their lifetime go to their desired beneficiaries. They want to protect the assets from being squandered or wasted, and ensure that they are protected from third-party creditors, unnecessary tax, or for other reasons.

There are many reasons why someone would appoint a professional trustee to manage a trust;

Firstly, any trustee has a duty to act in the best interests of the beneficiary. As an impartial and independent party, we act to ensure that the assets are managed properly. Without professional involvment, it would be too easy for trust assets to be mismanaged or for family disputes to result in the wishes of the settlor being ignored.

We understand and adhere to all of the relevant legislation governing the responsibilities of trustees such as the Trustee Act 2000. Trustees have a fiduciary duty.

There are a variety of reasons why trusts can be used. If an intended beneficiary has a disability, a professional trustee can manage a trust in a way that supports them appropriately. There may be other situations where it is desirable for a beneficiary to benefit from a trust rather than to inherit directly. For example, those that have an addition.

We can help. Give us a call, speak to us on live chat or send us an email and we will be able to provide some assistance about what the best course of action is for you.

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