Imagine telling a grieving family that the estate of their loved one will be taxed an unnecessary £40,000 due to mistakes made by the trustees of a plan designed to reduce inheritance tax
In the past it was sufficient for a trustee simply to be a trustworthy individual. However, their role and responsibilities have become more complex and the advent of increased regulation and litigation means the duties of a trustee have taken on a whole new dimension.
By using a Professional Trustee you will be reassured that they will:
- be fully conversant with and understand the terms of the trust;
- regularly review the needs of the beneficiaries;
- be sympathetic to the needs of the settlor whilst not compromising their responsibilities to the beneficial class;
- ensure beneficiaries are treated fairly at all times;
- act impartially and not allow personal opinions and prejudices to influence actions;
- ensure investments held by the trust are suitable and expose the trust to an appropriate amount of risk;
- periodically review the investments, taking advice from qualified professional advisers to ensure they continue to be suitable;
- consider tax implications for the trust, the settlor and beneficiaries;
The exercise of these duties will require a trustee to use their judgement in the context of all the relevant circumstances before making a decision. To apply this judgement effectively requires experience and, in most cases, specialist training.
WAY Tax & Trustee Advisory Services (WTTAS) offers an expert and specialist corporate trustee service for not only the WAY Inheritor Plans, provided by WAY Investment Services Limited but for other types of Trusts.
The Trustee Act 2000 is the legislation that all trustees must adhere to. It does not pay to have an unskilled lay person dealing with the administration of your trust. WTTAS has the experience to administer your trust bearing in mind your wishes, treating your beneficiaries fairly and complying with the legislation within the Act
Don’t leave it to someone inexperienced in trust matters. Appoint a professional skilled in all aspects of trustee work.