What Is the Role of a Trustee?
The Trustee is faced with a number of complex obligations, these responsibilities may include:
- Ensuring the trust assets are protected;
- Maintaining detailed accounting;
- Investing the assets in accordance with an investment mandate;
- Maintaining or selling business interests;
- Organizing the preparation and filing of the trust tax returns;
- Collecting income, paying expenses and providing distributions to beneficiaries.
The selection of a Trustee can be crucial to whether the trust works the way you intend it to work. There are several important things to keep in mind when choosing a Trustee. First, a Trustee cannot be forced to act just because you have named them in your Will or appointed them. As a result, it is wise to confirm that they are willing to act as a Trustee. Second, it is important to appoint someone with integrity. When there are several current or future beneficiaries, including the Trustee, the person appointed cannot place their own interests before the beneficiaries. Third, it is important to pick a Trustee who understands, or is willing to get to know the beneficiaries. If the Trustee doesn’t know or understand the beneficiary’s needs, it will be difficult for him or her to make decisions that will have positive results. Without putting proper thought into who you want as the Trustee, the trust may not be distributed in the way that you intend.
The appointment of a professional as Trustee is increasingly recognized as best practice. Our Trustees focus on providing our service through a practical and professional approach in order to develop an effective partnership. This allows the Trustee to understand the objectives of the trust and plan accordingly to administer the assets in accordance with the settlor’s intention. We take the time to understand the beneficiaries and individual circumstances in order to maximize the benefit of any disbursement.
The plans you make now can have a major impact on the financial future of your family and heirs. This delegation ensures proper control and security of the trust property and affairs when you can no longer be in charge or oversee the assets. Our Trustees provide our service through a practical and professional approach. Through Access Law Group, you have a team of specialists with the time, knowledge and expertise to provide advice and services related to the trust.
Objectivity – we act objectively, without fear or favour, using legal experience to identify and manage potential conflicts of interest.
Expertise – we offer legal knowledge and experience to identify potential problems and provide solutions.
Professional Standards – by understanding the complexity of trust and estate law we provide greater skill and diligence than a lay trustee.
Confidence – we provide confidence that the trust affairs will be duly administered and the beneficiaries will have a point of contact should queries arise.