The Role of Independent Trustees – Why is an Independent Trustee Crucial in a Trust? Written on March 30, 2010, by John Rowe.
Putting together a family Trust can seem intimidating that you will opt for the most convenient structure. But there is one entity that you should have to establish your Trust as convincing as possible before the courts: Professional Trustees. In this article, we clear up the reason why it is so noteworthy to involve a Professional Trustee with your family Trust.
The creator of the Trust has the choice, but not truly a prerequisite, to involve an independent professional trustee when preparing your Family Trust. To clarify, an independent trustee is not a beneficiary but this person has the right to vote on Trust decisions. In choosing an independent trustee, it will be most sound to choose a professional who will offer direction on the Trust’s activities.
Yes, it does not truly demand involving an independent Trustee to have a valid Trust, it is noteworthy for your peace of mind. Actually, a binding Trust can be composed of just you, technically serving as Settlor and Trustee, and your beneficiaries. But GRA strongly advocates getting an independent Trustee for various reasons.
In picking out an independent Trustee, this individual must be of enough maturity, strong character, and if possible, have legal knowledge. This individual must be able to undertake the job of appropriately discharging the obligations as the Trustee. The ground for this is that an independent Trustee strongly validates the legitimacy of Trust. This insures that the Trust is perceived as a valid structure and powerful against attacks.
Having an independent Trustee makes the structure more powerful. Subsequently, this makes it more challenging for spouse and creditors to attack the Trust’s existence. This step surely holds your investments sheltered from creditors’ and marital attacks.
GRA strongly recommends employing professional independent Trustees as it is conceived best practice. Sleep well at night and have some peace of mind, knowing your Trust is in good hands.
John Rowe is working with Gilligan Rowe & Associates. They are Chartered Accountants and are Specialist Accountants and Experts in property and family trusts.
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