Trustees and beneficiaries of rural estates: what you need to know and do

Next #rubrief online seminar with @syncsk : trustees this time, and would you like another chance to learn about #GDPR ie what could cost you 20,000 Euro from 25 May this year?

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Trustees: Need to know 10 – the value of professional trustees

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 … Continue reading Trustees: Need to know 10 – the value of professional trustees

Trustees: Need to Know 9 – Fiduciary Duties

Number nine on our list is the fiduciary duty of a trustee.  This duty is absolute and imposes a number of important obligations on the trustee.  These include duties to act in good faith, not to profit personally from the role, to avoid conflicts of interest, to account to the beneficiaries and a number of … Continue reading Trustees: Need to Know 9 – Fiduciary Duties

Trustees: Need to Know 8 – trustee powers to delegate

Number eight on our list of trustee 'need to know' is the limited powers available to trustees to delegate their responsibilities and powers.  These vary between the collective delegation of authority by all the trustees and the power of an individual trustee to delegate.  The individual trustee can delegate his or her authority through a … Continue reading Trustees: Need to Know 8 – trustee powers to delegate

Trustees: Need to Know 7 – Trusts can’t last forever

In general private trusts cannot exist forever, due to the rule against perpetuities.  Older trusts may be limited by a 'royal lives clause' or similar, while newer trusts will now be covered by the Perpetuities and Accumulation Act 2009.  A key point is that some older trusts may now be entering their final decades so … Continue reading Trustees: Need to Know 7 – Trusts can’t last forever

Trustees: Need to Know 6 – Third thing for the new trustee

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 … Continue reading Trustees: Need to Know 6 – Third thing for the new trustee

Trustees: Need to Know 5 – Second thing for the new trustee

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. … Continue reading Trustees: Need to Know 5 – Second thing for the new trustee