Trustees are a vital part of the management of an estate’s assets, and they have a number of responsibilities that need to be carried out properly. They are often responsible for reviewing investments made by the Trust, acting in the best interests of the beneficiaries, and applying the income of the trust, alongside other duties.
However, being a Trustee can be a daunting and time-consuming process, and most trustees don’t have a full understanding of the impact their decisions can have. Decisions may be made that don’t benefit the beneficiaries, and the Trustees can be held personally liable for losses made by the Trust.
Many people choose children or family members to be their Trustees, without realising that this can cause conflict when making decisions that relate to the Trust, which may lead to the inheritance being distributed incorrectly.
Appointing a Professional Trustee can reduce the chances of conflict arising during decision making, as they are an unbiased party. A Professional Trustee can also advise on the best ways to ensure that distributed assets will not be at risk from divorce, care costs and unnecessary taxation.
If you are looking to ensure that your assets will be distributed according to your wishes, a Professional Trustee might be right for you. Contact us for more information on Professional Trustees and how you can appoint one to support your Trustees.
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