Webinars by Practice Area
What a trustee should know before agreeing to act
Recorded on: 27/10/2021
- To explore the information a person should consider before agreeing to take office as trustee bearing in mind the fact that trustees face personal liability for breaches of trust
- Participants will be able to:
- Appreciate the risks involved in acting as a trustee
- Understand the task ahead
- Reject an inappropriate invitation to act as a trustee
- Eligibility and competence
- Trust Deed – type of trust; exoneration clause; remuneration clause
- Will you be able to act with the other trustees?
- Minutes – has the trust been run correctly? Are there any breaches of trust?
- Accounts – has the fund been used correctly? Is all tax due paid up to date and on time?
- Trust investment – has the fund been invested appropriately?
- Delegates – are you happy with the services of any firm to which roles have been delegated e.g. accountant, wealth manager