The Benefits of Appointing a Professional Trustee
Updated: Jun 2, 2020
Although you can appoint any person over the age of 18 who is of sound mind and who is not subject to any bankruptcy order to be a Trustee many people look to appoint a professional to act as their trustee to provide continued stability, professionalism and Investment proficiency. We explore why appointing a Professional Trustee can be a better choice for some people:
Professional - to relieve the burden of keeping up with ever changing current legislation and regulation, particularly the latter which is becoming more onerous and complex
Expertise – As professionals, they deal with Trust administration every day and so will not be phased by any complexity which may arise, such as finalising the tax, selling properties and managing investments. By appointing a professional, you can be confident that your Trust is in safe hands and will be dealt with correctly and efficiently.
Continuity – A professional company doesn’t pass away or become incapable and so you can be reassured that there will always be someone who is capable of managing your affairs.
Impartiality – A professional can ensure that matters are dealt with impartially, especially if there is any tension within your family. They will always act in the best interests of the trust and all of the beneficiaries, they will not take sides.
Trust Corporation - A Trust Corporation is a status given to certain entities by statute and it can carry out a variety of roles which were historically undertaken by individual partners of law firms. They can act as Executor, Trustee, Attorney, Deputy and Nominee and a Trust Corporation can act solely. By offering these diverse fiduciary roles, they can provide:
access to a wide range of legal expertise,
stricter regulatory requirements,
If you do not appoint a professional, then you should be extra careful to whom you give the power and responsibility of trusteeship, bearing in mind that the trustee becomes the legal owner of your assets.