There will be times during your role as trustee when you will be required to make decisions that will directly affect the administration of the trust. Before any firm decisions are made regarding the use of trust assets, the trustees must ensure that they have the correct powers to deal with the assets under their control.
A similar situation can arise where a new trustee needs to be appointed. While this may seem a straightforward exercise, the trustees need to be sure that the correct power is given to them under the terms of the trust. If the trustees do not hold the power to appoint new trustees, and they go ahead anyway, there is a risk that the new trustee is not validly appointed and therefore any decisions taken by him could be called into question by the beneficiaries in the future.
No two trusts are the same and it is important to carefully review all trust documents, including any supporting deeds which accompany the trust deed, before decisions are taken. We can review the trust documents and summarise all of the powers which are given to you as trustee under the deed.
We can advise on how these powers should be exercised, the impact of any decisions you make and what could happen if you do not take any action.
We can also assist in situations where you think a problem has arisen, such as when a trustee may not have been appointed correctly or if you are unsure about the authority you have to make a trust distribution to some or all of the beneficiaries of the trust.
Our extensive knowledge of trust law means that we are ready to advise you on any issues relating to the powers given to you as a trustee.
As is often the case, some of the powers you may have are only exercisable in writing and we are on hand to prepare all relevant documentation to confirm decisions you have taken. This ensures that you are fully compliant with the terms of the trust while at the same time, providing a full written record of the decisions you have taken.