You have been appointed as a trustee, but how do you ensure you are meeting all your obligations?
How do you ensure you are complying with the Trustee Act 2000?
The Trustee Act 2000 has wide-ranging implications for trustees, and being a trustee is not a role anyone should take lightly.
The focus of this Act was to provide a statutory basis to widening trustee investment powers to allow investments of any kind, as if the trustees were the absolute owners of the trust property.
It also created investment obligations on trustees, which include:
- To consider the need for appropriate diversification of investments.
- To consider the suitability of the investment for the particular trust.
- To keep investments under review and decide whether to vary them if required.
- To seek appropriate professional advice before exercising any power of investment or when reviewing investments.
- The investment adviser must be appropriately qualified.
Our trustee advice service
Our trustee advice service is designed to help trustees meet their investment obligations under the Trustee Act 2000. Throughout the process we liaise closely with your other professional advisers to evaluate all aspects of your financial situation to ensure you receive the most comprehensive advice.
- Discover – We begin by learning about the trust provisions, settlor’s intentions and beneficiaries.
- Research –We discuss where you are now and where you want to go, to fully understand your trust objectives.
- Plan – Together we develop recommendations for the trustees and agree a strategy.
- Implement – We deliver a clear path forward including risk mitigation and investment diversification.
- Maintain – We prudently maintain the trust investments and have regular reviews to ensure ongoing compliance.