Trustees are liable to the beneficiaries of their trust, and to their fellow trustees. They are also liable to the general public and others who may be affected by the management of trust assets. The ability to limit this liability is very limited. This means that the potential liability of a trustee can far exceed that of a company director or an individual sole trader. Trustees therefore need to be sure that the management of trust assets is of the highest order.
This will be one of the topics reviewed in more depth during the forthcoming Trustee Training Events at Rhug estate and Ragley Hall, organised in conjunction with the CLA. For more details:
This is the first of 10 brief ‘Need to Know’ notes for trustees and their professional advisers.