What is the role of a Trustee?
Any person may be a Trustee (ideally over 18 as minor cannot hold an interest in land) provided that he or she is not suffering from a mental incapacity. Trustees are the legal owners of the trust property. They are legally bound to look after the property of the Trust in a particular way and for a particular purpose. Trustees administer the Trust and in certain circumstances make decisions about how the property in the Trust is to be used. The Trust can continue even though the Trustees might change, but there must normally be at least one Trustee. but this may not be practical or desirable and a minimum of two (or a Trust Company) is always recommended. For settlement or trust of land the number of trustees may not exceed four. Trustees owe a fiduciary duty towards a beneficiary.

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Your Trustees are responsible for managing any trust that might arise in your Will or holding funds for children until the date specified in the Will or until a child's 18th birthday. 

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The role of a Trustee can be extremely daunting for an untrained person and often decisions will be made which may not be completely in the interest of the Beneficiary(s). This may be simply because the Trustees do not have a clear understanding of the impact their decisions may have on the Beneficiary’s inheritance.

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Your Trustees can at the expense of the trust, use Countrywide Tax & Trust Corporation Ltd (recommended) to deal with its administration. Appointing a professional Trustee can ensure that the trust will be managed professionally and as efficiently as possible. 

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Why should I use a Professional Trustee?

• A Professional Trustee is completely unbiased and will uphold the Settlor’s wishes.

• A Professional Trustee will ensure the Beneficiaries inheritance is protected and will advise on any tax saving strategies available - for example financial status and marital situation of the intended Beneficiary (i.e. if the Beneficiary were undergoing financial difficulties or entering into Divorce Proceedings). This ensures that the assets would not be lost to creditors or future ex-spouses.

• A Professional Trustee’s advice can be crucial in preserving assets and ensuring as much is possible is received by the intended Beneficiary(s) and is not lost to Tax, Divorce or in settlements to Creditors

• A professional Trustee can also act with the surviving spouse or child(ren)

• A Professional Trustee can help resolve issues at Trustee’s meetings (agreement of ALL Trustees on decisions!).

• A professional Trustee such as Countrywide Tax & Trust Corporation are best placed to make any future amendments that could be necessary to ensure the maximum efficiency of the Trust.

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The Trustee’s duties could be summarised as follows:

• All Trustees should familiarise themselves with the terms of the Trust so they can administer it in accordance with the Trust deed.

• All dealings with the Trust fund by the Trustees must be for the benefit of the Beneficiaries.

• The Trustees must use their utmost diligence to avoid any loss. If they are negligent and a loss arises, they may be responsible for that loss to the Beneficiaries.

• All Trustees must act unanimously. Under English Law, Trustee’s decisions cannot be made by a majority of Trustees unless the Trust specifically allows this.