The second thing the new trustee should ensure is that the assets are all secure. Are they there? Are they in good condition? Is maintenance up to date and are they safe? Are they insured? Trustees generally have an overriding right to arrange insurance, and to pay the premium from either trust income or capital.
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 fifth of 10 brief ‘Need to Know’ notes for trustees and their professional advisers.