Being a trustee is an onerous task, which imposes significant obligations and statutory duties on you personally.
Our Trustee Investment Service will assist you in walking this tightrope, helping you to comply with your obligations and statutory duties.
As a trustee, you are required to have a detailed knowledge and understanding of the terms of the trust, to comply with these terms and the laws regarding the administration of trusts. You must invest the trust’s property – in line with your statutory duty of care – while setting aside your personal interests and without risking the trust’s property unnecessarily.
It is important to also ensure that the trust’s tax position is clarified and conformed to. All the while you must use reasonable skill and care (bearing in mind any specific knowledge or competency you may possess) and seek professional advice when appropriate, and ensure that you do so in a manner which complies with the statutory requirements. If this were not daunting enough, you are personally responsible for all decisions you make as a trustee.
We can make sure that trustees’ meetings are documented and all decisions taken in a compliant manner. We will also ensure that all delegations of authority are documented appropriately, with policy statements in place to confirm that professional advisers’ powers are unambiguous and limited in their scope. Our advisers can assist you in analysing and understanding the trust’s purpose and the trustees’ powers while creating – and reviewing regularly – an appropriate investment strategy which takes account of all necessary tax considerations. In short, we can help you to ensure the rules are abided to and the most is got out of the trust.
Our collaborative team of advisers, taken from across our Business and Private Client departments, have a wealth of experience advising trustees of private trusts (such as family, will settlement and personal injury/clinical negligence trusts) and more complex, high-value trusts (such as occupational pension schemes).
Some of our management team are also trustees in their own right. A number have acted as the independent trustee of occupational pension schemes and private trusts. One of our directors was also a founding director of Pathways4All, a local charity that provides services to children with additional needs.
If you have any questions or would like to find out more about our Services for Trustees and how we may assist you in ensuring compliance with your statutory and common law obligations, as well as achieving your trust’s financial objectives, please contact Mike Gordon, Technical Director on 0191 217 3340 or at Mike.Gordon@rwpfg.co.uk.