Trusteeships can be intricate, time consuming or simply unfamiliar to many people newly appointed as a trustee.
A professional trustee can be a helpful alternative to appointing family members on their own such as:
- Reducing the burden on family trustees.
- Reducing the risk of a conflict of interest between trustees.
- Overcoming any disruptions caused by the retirement or absence of an individual solicitor if they are the professional trustee.
- Assisting with difficult or controversial decisions.
- Assisting with trustee processes and regulatory requirements (such as FATCA obligations (Foreign Accounts Tax Compliance Act).
Trusts and trustees
There are excellent tax and benefits reasons for creating trusts. A trust is a financial arrangement under which assets are held by named people (‘trustees’) on someone else’s behalf. For example, you can set up a trust to contain the proceeds of your estate after you die, or to safeguard important assets such as compensation following personal injury or a medical negligence claim.
Once you have decided to create a trust, you will need to appoint one or more trustees to manage the trust’s assets in the best interests of your beneficiary or beneficiaries. Not surprisingly, many people choose family members or close friends on whom they feel they can rely. However, before you make a final decision about who to choose as your trustees, it’s wise to think about the implications of this role. Being a trustee is a very responsible task which can be both stressful and challenging. Trusts are commonly made to cater for the needs of vulnerable people who cannot make decisions for themselves. It’s therefore vital that a trustee can make confident and insightful judgements about the consequences for the beneficiary of any decisions they make.
Why use a professional trustee?
A ‘professional trustee’ manages trusts for the maximum benefit of beneficiaries. Wrigleys trust corporation, Wrigleys Trustees Limited, can be appointed as a professional trustee to manage and coordinate your trust, giving you complete peace of mind that every financial and legal implication is anticipated, understood and covered. As a professional trustee, Wrigleys Trustees Limited deals with matters like trusts, asset protection, the Court of Protection and other related areas of finance and law, every single day. Crucially, through being regularly involved with individuals and families affected by these trusts and trusteeships, our trustees give the careful, tailored (and often long-term) guidance and support they want and need.
Call us on 0114 267 5588 to discuss how a professional trustee could help you.