The first thing a new trustee should do on taking up the appointment is to read the trust deed and make sure it is fully understood. Although the law intervenes in a number of ways with the administration of trusts, the main trust deed is nevertheless the key document which governs how the trust was created, what type of trust it is, the entitlements (or otherwise) of beneficiaries, the rights and responsibilities of the trustees and a host of other vital facts. Ignorance of this important document will be no excuse for the less than diligent trustee.
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 fourth of 10 brief ‘Need to Know’ notes for trustees and their professional advisers.