Professional Trustees
The Challenges of Being a Trustee
For those without training, being a trustee can be overwhelming. Decisions made by inexperienced trustees may unintentionally affect the inheritance of beneficiaries.
A professional Trustee takes into account factors such as the tax status and financial situation of beneficiaries. For example, if a beneficiary is facing financial difficulties or divorce, their expertise helps ensure that assets are protected from creditors or former spouses.
Their guidance is essential in preserving assets and maximizing the inheritance received by beneficiaries, minimizing losses due to taxes, divorce settlements, or creditors.
Common Issues with Non-Professional Trustees
Many people appoint family members, such as their children, as trustees. These family members are often also beneficiaries of the estate, which can create conflicts of interest after the Settlor’s death. Once the deceased’s assets are placed in a trust, decisions about distributing those assets require agreement from all trustees, which can lead to disagreements within families.
Appointing a Professional Trustee, ensures that an impartial approach is taken and that the Settlor’s wishes are honored without bias.
Benefits of choosing our recommended Professional Trustee
- In-depth knowledge: As the creators of the Family Trust, they are ideally positioned to make any necessary future amendments to optimise the trust’s effectiveness.
- Expert tax planning: They apply tax legislation effectively to maximiae the efficiency of the trust, both before and after the Settlor’s death.
- Trustee support: Their advisory services cover the assignment or retirement of trustees to ensure smooth transitions.
- Qualified professionals: All of their advisers are highly experienced and hold advanced qualifications in retirement, taxation, and trust planning.
No Ongoing Annual Fees
While you benefit from professional expertise and peace of mind, our recommended Professional Trustees do not charge an annual fee for its trustee services.
Please click below for a downloadable factsheet on Professional Trustees