Trustees Needs
Trustees are the legal owners and have a duty to ensure that investments are appropriate. They must invest for the benefit of the beneficiaries, being fair and equitable to them and yet potentially take account of others involved. Trustees have a duty to periodically review investments and take into account the risks of those investments and are required to obtain considered professional advice to help achieve their objectives. Trustees also have a duty to take account of tax considerations.
As trustees, you are vulnerable to accusations from beneficiaries that losses were due to your lack of care. Professional trustees, such as solicitors, will have significantly higher standards expected of them than a lay trustee. As a trustee, you will need to maintain your knowledge of the rules under which you operate. Cases to be wary of include:-
· Nestle v Nat West (1993) need to review periodically and has to be fairness between beneficiaries
· Hurlingham Estates Limited v Wilde and Partners (1997) tax implications of any advice
· Jones v Firkin-Flood (2008) annual trust meetings and investment advice required
The benefit of using our service is that you will be able to demonstrate that you have regularly reviewed investments in line with your duties, protecting yourself.
You will know the value and breakdown of the investments you own and what you can sensibly expect from them in terms of income and potential growth.
You will have access to expert advice in order to take decisions in the best interests of those involved.
You will know the cost of meeting your objectives and just as importantly, what external influences may impact upon your plans and how you can protect yourself against them so that you will be more likely to achieve your objectives and on time.