Trustees hold assets belonging to one person for the benefit of another.
Trustees usually have clear rules and regulations that must be followed. Generally these are set out in a trust document created during the lifetime of another or upon their death. Other rules and regulations are contained in legislation such as The Trustee Act 2000. There are also circumstances when you can unwittingly find yourself a trustee of assets without really knowing.
Executors and administrators are also trustees. They hold the estate on trust for the beneficiaries. Wills can also contain trusts which become active on death.
Unlike an appointment as a personal representative a trustee appointment does not have to last your lifetime as you can retire if you do not wish to act. It is however a personal appointment so the beneficiaries, who will ultimately receive the assets you are looking after, could hold you responsible for decisions made.
We provide advice, guidance and support for Trustees to help guide them through the maze of administration. We also act as trustees for our clients when needed. For more informaton or to see how we can help contact us