Wills Pattison James Associates Limited | Will writing Camberley | Will writer Wales | Will writing Surrey

• As authors and creators of the Trusts we are best placed to recommend the most appropriate Trustee who can make amendments that could be necessary to ensure the maximum efficiency of the Trust.
  
• Best use of Tax legislation, optimising Trust efficiency both before and after first death.
  
• Efficient advisory service in the assignment/retirement of Trustees.
  
• All of our recommended Professional Trustees have advisers who all have extensive experience and advanced qualifications in the areas of Retirement, Taxation and Trust Planning.

• All Trustees should familiarise themselves with the terms of the Trust so that they can administer it in accordance with the Trust deed.
  
• All dealings with the Trust fund by the Trustees must be for the benefit of the beneficiaries.
  
• The Trustees must use their utmost diligence to avoid any loss. If they are negligent and a loss arises they may be responsible for that loss to the Beneficiaries.
  
• All Trustees must act unanimously. Under English Law, Trustee's decisions cannot be made by a majority of Trustees unless the Trust specifically allows this.

There are several statutory powers and these can be quite comprehensive. The following highlights just a few of the main powers:

• Trustee powers of investments - Section 3 of the Trustee Act 200 permits Trustees to 'make any kind of investment that he/she could make if he/she were absolutely entitled to the asset of the Trust'. This provision is subject to any restriction imposed by the Trust itself.
  
• Act in the best interest of all Beneficiaries - The Trustees must judge the suitability of investments having regard to the best interests of all Beneficiaries, past and present.
  
• Exercise reasonable care and skill - A Trustee must pay regard to any specialist knowledge or experience the he/she holds.
  
• Review investments from time to time - Trustees must undertake periodic reviews of the investments held by the Trust.
  
• Take proper advice - When considering any investments or when carrying out a review of the Investments of the Trust, the Trustees must obtain and consider proper advice.
  
• Power to apply income for the benefit of child Beneficiaries - The Trustees have the discretion to apply the whole or part of the income of a Trust for the maintenance, education or benefit of a child Beneficiary.
  
• Power to delegate - The Trustee Act 2000 empowered Trustees to delegate to agents any of their functions except certain defined responsibilities.

Below are highlighted just some of the many Common Law Responsibilities a Trustee has:

• A duty to take account of the Settlor's wishes - A Settlor may sometimes write a 'Side Letter' to the Trustees containing an 'Expression of Wishes'. This is not binding upon the Trustees but would stand alongside the Trust document and provide guidance to the Trustees as to the way in which the Settlor would like them carry out their duties.
  
• Duty to ensure fairness between Beneficiaries - The Trustees must hold the balance fairly between different categories of Beneficiary. e.g. if a Trust provides that one class of Beneficiary is to receive the income from the Trust fund during their lifetime and a second class is to receive capital on the death of the income recipient it would be unfair to the income recipient if the Trustees were to invest in assets which produce little or no income but offered the prospect of greater than usual capital growth.
  
• Duty to take into account of Tax considerations - The Trustees must take into account considerations such as Tax and administrative costs when choosing investments.
  

The above duties are just a few of the main considerations. With the use of a Professional Trustee it is within their day-to-day routine to ensure that all of the Trustee's duties are followed.