Often when a trust is setup the trustees who are chosen are close friends or family members, which is understandable as settlors want someone they know to get the job done.
The role of being a trustee can be very confusing for those who have never had anything to do with trusts before. Because of this there is a real risk that some decisions made by novice trustees inadvertently will not be in the best interests of the trust nor the beneficiaries.
As professional trustees the directors at Legacy work in this field every day and can give consideration to areas not always thought of by novice trustees. We can give our guidance and years of support, working with other professionals (if required) to maximise the decision making of trusts in areas like taxation, financial decision making and asset protection, securing the best outcome for the trust and the beneficiaries. Often we develop a close professional relationship with many beneficiaries which enables us to independently assist trustees at times with difficult inter-family situations.
Problems can arise after death of a settlor as trustees are often beneficiaries of the trust and this is where our impartiality becomes invaluable.
The team at Legacy has a wealth of knowledge and stay current with the ever-changing laws that surround trusts. We are here to assist you to create and implement your succession plan.
If you want some general information on trusts feel free to download our trust information sheet.