The role of a trustee is an important one and usually arises because the person creating the trust feels that they can trust you to carry out their wishes when dealing with the assets held in the trust. In most cases, with specialist advice, the administration of a trust runs smoothly.
However, it is important that all trustees remain aware of any issues that may impact on the management of the trust such as the failing health of a co-trustee, or if a trustee decides to move abroad, or the death of a trustee.
It is important that trustees liaise regularly with each other because if there is any likelihood that the personal situation of your co-trustee may change significantly, early steps can be taken to ensure a smooth handover of matters to any newly appointed trustees. For example, a failure to take any action to appoint a new trustee can result in costly Court proceedings, if a trustee is no longer able to deal with their own affairs.
One way to tackle any issues is to hold regular trustee meetings, which can be combined with a general review of the investments or trust accounts. Any decisions made at meetings should be carefully documented and we can attend meetings as and when required and provide advice and full minutes to the trustees.
In any case, the trustees should conduct a full review of the Trust at least every three years to ensure that all trustees are fully aware of their responsibilities, to discuss any problems which may have arisen and to also address any issues where a change of trustee may be required. Due to the sensitive nature of these discussions, we can act as an independent adviser and take a pragmatic approach to any problems which may arise.
We act as trust advisers for a number of portfolios, varying in complexity and value. We are used to dealing with sensitive issues such as the lack of co-operation of a trustee or the inability to reach mutual agreements. We offer sensible solutions to some of the problems which can arise during the course of administering a trust and if necessary, our Trustee Company can also be appointed to act alongside you as a trustee which ensures there is always an independent trustee on hand to offer advice.