Why a Professional Trustee?

WHY A PROFESSIONAL TRUSTEE?


Being a Trustee brings with it serious responsibilities which can be onerous for the individual. It is vital for a trustee to be fully aware of the obligations and duties the role requires. Failure to do so can result in unlimited personal liability.


Castlewood Trust & Company Limited can provide Trustees, act with you as Co-Trustee or simply advise the Trustees of their obligations. In that role we will:


  • Observe the terms of the trust – correct understanding of the trust deed is essential
  • Maintain the trust property – Trustees must control and preserve trust assets properly
  • Exercise reasonable care – the law imposes a statutory duty of care on Trustees
  • Act impartially – A professional Trustee has the benefit of not favouring particular family members
  • Work with Co-Trustees – all Trustee decisions must be unanimous
  • Review and maintain records and make required submissions to HM Revenue & Customs