Managing a Trust – straightforward if you know how!
Managing a trust need not be a complicated affair, but many people try to deal with everything themselves without advice.
In many cases, things can be very straightforward and run along easily for many years. But the situation can change and if the trustees have not kept the right paperwork, it just could leave the trust open to a challenge. Has everything been reviewed by those managing the trusts? Have the relevant Trustees Minutes been made and retained?
It is also as well to check that the trustees actually have the power in the Trust Deed to do what they wish to. Personal liability can follow if Trustees are not as careful as they should really have been.
It is quite common for Trustees to exceed the powers they have been granted in managing a trust without realising it. And thereby lies danger and a personal liability for mistakes.
Obvioulsy, we can manage trusts for people who would prefer that, but we can also review both the Trust Deed and the actions taken (or not taken!) by the Trustees just to ensure that both trust and trustees are as safe as is possible.
Whether you are considering setting up a trust or are concerned about managing a trust which is already in place, feel free to contact us.