The choice of trustee will always be important but where the assets involved are substantial, or your family circumstances are complex, the choice of who will serve as trustee of your personal trust will be even more critical.
Appointing a corporate trustee, rather than a friend or family member, can put your mind at rest that your trust is being dealt with in a professional manner.
Why use a professional trustee?
- You will not have the dilemma of whom to select as personal trustee.
- Your chosen trustee will remain the same until such time as you decide or your assets have been distributed.
- Decisions made by the trustee will be objective and in line with the aims of the trust, without personal complications. This means no family member or personal friend will find themselves in a predicament – for example, when distributing your assets or being personally liable for their actions.
- All trust paperwork will be dealt with professionally, so there is no need for a lay trustee to spend time understanding the terms of the trust and trust law when dealing with any paperwork.
- The trust assets will be held in an offshore location, which may provide a number of tax advantages.