The role of a Trustee is an important and privileged position. The settlor (the person creating the Trust), has confidence that you will fulfil their wishes and ensure that the Trust assets are used as they intended. It is extremely important that your duties are carried out and that you are fully aware of all your responsibilities as a Trustee.
The constant pressure of everyday life can sometimes mean that it is not always possible for a Trustee to deal with matters relating to the Trust. However, if a Trustee fails to carry out their duties to the satisfaction of the beneficiaries, there is a risk that they will be held personally responsible for any losses. The worst case scenario is that the beneficiaries may bring action against you as a Trustee, which could prove to be very costly.
Depending on the terms of the Trust, the responsibilities you may have as a Trustee can be quite varied. Generally, these responsibilities may include ensuring that tax matters are up to date, keeping Trust Accounts up to date as well as holding regular Trustee meetings to review the assets held and make decisions about trust distributions.
As well as the day-to-day responsibilities, Trustees also have a statutory duty of care towards the beneficiaries of the trust which can include ensuring that all decisions are fair to the various beneficiaries of the trust, making sure that trust investments are suitable and reviewed regularly and that they comply with the terms of the Trust at all times.
Our Trust team can advise you on the various responsibilities you have under the terms of the Trust and can assist with the day to day administration tasks so that you can be assured all matters are being dealt with in a timely fashion.
The Trust team deals with the day-to-day management of many Trusts, which hold a variety of assets under the control of the Trustees.
It is important that Trusts are regularly reviewed and we are experienced in advising Trustees on their responsibilities. This can help to highlight any areas of concern to you so that any issues can be addressed and corrected at the earliest opportunity.