When appointing trustees for a will trust in the UK, it’s important to choose individuals or entities that are trustworthy, competent, and capable of managing the trust’s assets and responsibilities. They will have paperwork to deal with and duties to fulfil so make sure you choose someone suited to the role. Here are some guidelines to consider set out below.
- Trusted Individuals: Choose people you know and trust, such as family members or close friends, who have a good understanding of your wishes and the beneficiaries’ needs.
- Professional Trustees: Consider appointing professionals, such as solicitors or accountants, especially if the trust involves complex assets or if the beneficiaries have specific needs that require professional management.
- Balance of Skills: It can be appropriate to appoint a mix of personal and professional trustees to balance emotional insight with financial and legal expertise.
- Number of Trustees: It’s common to appoint two to four trustees to ensure a balanced decision-making process and continuity if a trustee can no longer serve. Generally a minimum of two trustees is often required for legal reasons.
- Age and Availability: Select trustees who are likely to be available and capable of serving for the duration of the trust, keeping in mind their age, health, and location.
- Reliability and Integrity: Trustees must act in the best interests of the beneficiaries, so choose individuals with a strong sense of responsibility and integrity.
- Conflict of Interest: Avoid appointing trustees who might have a conflict of interest with the beneficiaries or the purpose of the trust.
- Willingness to Serve: Ensure the chosen trustees are willing to accept the responsibilities, as serving as a trustee can be a significant commitment.
Here’s an example of how these considerations might apply. Suppose you have a trust set up for your children, and your estate includes both real property (a house and land) and investments. You might choose your brother or sister, who understands the family dynamics and beneficiaries’ needs, and your cousin who is an accountant and good with paperwork. This combination provides personal insight and professional expertise. If you prefer or if it suits your circumstances, you can appoint all professional trustees and they should let you know how any charges for the work they will do for you are likely to be calculated.
It is always sensible to leave your trustees a letter of wishes to give the guidance on your wishes and intentions. A good legal advisor will help you to draft this important document as well as drafting your Will for you.
Rowena is able to advise clients on all aspects of personal asset management and associated property matters. This includes managing assets during lifetime such as gifts, trusts and estate planning, regarding illness or incapacity – powers of attorney and Court of Protection issues and regarding or on death – Wills and probate administration.
Rowena is also a qualified member of the Society of Trust and Estate Practitioners (STEP).
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