Why should I use a professional Trustee?

The role of a trustee can be extremely daunting for an untrained person, particularly when this includes making or enacting decisions that may not be in the complete interest of any individual Beneficiary.

The creation of a Trust and the related advice provided can be crucial in preserving assets and ensuring that Beneficiaries receive what was intended for them, and also that distribution is minimised in terms of payaway for:

  • Tax
  • Divorce
  • Creditors

People often appoint the Beneficiaries as the Trustees. This has been known to cause issues regarding distribution of the assets upon the death of the trust owner. This is partly because all Trustees must agree to the requested distribution of the assets. Where the appointed Beneficiaries are all family members, the risk of family disputes are greatly increased due to the need for them all to agree. This has been known to prevent any distribution of assets from the will. 

The appointment of a professional trustee will ensure that a totally unbiased approach is taken when dealing with the distribution of assets and will ensure that your wishes are completely upheld. There are typically 2-4 Trustees appointed to oversee the Trust, it is possible for the same person to be both a Trustee and a Beneficiary.

Key Benefits of appointing a professional

  • Ensure Trust efficiency through their understanding of tax legislation and its implications
  • Extensive experience and qualifications in Retirement, Tax and Trust planning
  • Efficient in advising of the correct assignment of Trustees further down the line