The last item on our list of 10 vital facts for the estate trustee concerns the value of professional trustees. A professional trustee owes a professional duty of care in exactly the same way as to a client, and will have to be paid for his or her advice in most cases. Amendments to trustee legislation allow payments to a professional trustee despite the general rule that trustees should not benefit personally from their role. The professional involvement of a professional trustee should ensure that the trust will receive close professional attention and supervision. It seems inevitable that there will be a continued growth in the use and deployment of professional trustees in view of the onerous responsibilities associated with the work of a 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:
STOP STOP PRESS
As previously advised the event at Ragley Hall on 21 April is full. We are now therefore offering a SECOND DAY at Ragley on 22 April – please use the contact form or follow the details in the link above to register your interest for 22 April.
STOP PRESS
The event at Ragley Hall on 21 April is now FULL. There are still places at Rhug for Tuesday 17 March. We are also keeping a reserve list for Ragley in case anybody drops out, and with a view to arranging another day if there is enough interest – so do get in touch if you would like to register for this option, arrange an in-house session or host an event in another area.
This is the last of 10 brief ‘Need to Know’ notes for trustees and their professional advisers. I hope you have found them useful. For more information and an opportunity to meet others involved in the work of trustees do book in for one or other of the forthcoming trustee training days at Rhug and Ragley.
Charles Cowap 