The third thing that the new trustee should do is to review the trust records and accounts to ensure that all is in order, with professional help if necessary. In particular it is important to ensure that there have been no breaches of trust or other malfeasance. Trustees are entitled to be indemnified against external liabilities and it is worth checking that suitable insurance policies are in place. A professional trustee also needs to ensure that an appropriate fee basis has been agreed and fully understood.
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 sixth of 10 brief ‘Need to Know’ notes for trustees and their professional advisers.