Trustee Knowledge Series: Advanced Paper Three: Changing Of The Guard

Every professional trustee will have experience of either:

• Being appointed as a new trustee, either in place of, or in addition to, another trustee; and/or
• Retiring or being removed as a trustee.

Such a change can be straightforward, but complacency often results in otherwise avoidable
complications/issues. The aim of this paper is to provide a (non-exhaustive) checklist for use when being asked to take on a trusteeship or when retiring or being removed as a trustee, highlighting the various considerations that a prudent trustee should have regard to.

In addition to the above checklist, consideration should simultaneously be given to affecting the transfer of the underlying trust assets including changing registered offices, nomineeships, directorships etc; most trustees finding a transfer steps paper of great assistance.