Choosing your Trustees
Trust – do you trust them
Relatives – family control
Understand – what you want
Suitable – must be capable
Time – have time to act
Choosing your Trustees is probably one of the most important decisions you will make. It’s best to have three or four Trustees. To help you choose the most suitable people, think TRUST.
You need to choose someone you trust and believe that they will think about what you would have wanted. They will be running the Trust and making decisions that affect your family.
Choose close relatives to keep the control in your family and therefore with the majority of the beneficiaries. The most common Trustee group is ‘husband, wife and two children’. Your close friends, who we often think of as family, are also a good choice if you don’t have any suitable relatives.
Your Trustees must understand what you want to happen and the importance of looking after and protecting your family assets and wealth.
Trustees must be over the age of 18 and have legal capacity and they cannot be a witness to the Trust. Think carefully about how capable the person you choose is, as they play a vital role in how well the Trust is run and what decisions the Trust makes.
Choose someone who is prepared to spend time, often over many years, looking after the Trust and acting on decisions the Trust makes.
Can your Financial Planner be a Trustee?
Yes if there is no suitable family member to act. Your Financial Planner knows and understands your motivation for putting the Trust planning in place and can make sure what you want to happen, happens.
Should I use Professional Trustees?
Only appoint Professional Trustees if you have no other choice as they can be expensive. Only appoint them if you have no other trusted family member or friend, if a beneficiary is vulnerable or as a holding Trustee until potential Trustees mature.