In the intricate world of trust administration, poor management
can have serious consequences. When contemplating the establishment
of a trust or the replacement of an existing trustee, there are
crucial questions to pose to a prospective trustee. Paul Buckle, Director of Private Client
Services, and Tracey Neuman, Private Client Executive,
provide their wealth of knowledge and offer invaluable insights to
ensure that mismanagement doesn't come back to create problems
for settlors and beneficiaries.
1. Clarity on trust terms & purpose
It all starts with understanding the very essence of the trust.
Misinterpretation can lead to trustees inadvertently breaching
trust, favouring specific beneficiaries at the expense of others.
Seek an explanation of trust terms, and when in doubt, engage a
solicitor for a thorough review. Keeping supplementary documents,
like letters of wishes, up-to-date and aligned with current
expectations is paramount.
