Acting as a Trustee brings with it an obligation to fulfil many different duties and to comply with various statutory requirements. This can result in various issues, such as:
- Disagreements between trustees as to how the trust should be managed;
- Wanting to remove one or more trustees;
- Trustees no longer wishing/being able to comply with their duties;
- The need to appoint new trustees where a trustee is removed or retires;
- Disputes between beneficiaries and trustees; and
- Claims against trustees for breach of duties owed to beneficiaries.
We have significant experience in acting for trustees and beneficiaries in all of these circumstances, as well as many others. Numerous members of our team are members of ACTAPS, the Association of Contentious Trust and Probate Specialists, and can truly say they specialise in work of this nature.
Whether you are a trustee or a beneficiary, if you need assistance or advice in respect of any disputes involving trusts, our specialist team can help.
We provide advice on a wide range of legal issues to clients around Yorkshire and beyond from our offices in Leeds, York and Sheffield. For an initial discussion about your case, contact one of our specialist solicitors today by calling 0333 323 5292. Alternatively, please complete our questionnaire and return it to us so we can contact you.
What is The Role of a Trustee?
A trustee looks after property and wealth for another person, typically for a charity or for the inheritance of a minor or other individual who cannot manage their own affairs. The difference between an executor and a trustee is the executor distributes the assets according to the dictates of a will, while a trustee looks after an inheritance on behalf of another individual, managing the funds over time. The trustee is responsible for:
- Ensuring the wishes for the trust laid out in the deed get carried out
- Ensuring that tax is paid
- Paying the beneficiaries
- Keeping accurate records
- Investing the funds with due care
- Keeping the beneficiaries updated about the finances of the trust
The trustee must:
- Act impartially for the benefit of the beneficiaries
- Act with as much care and skill as possible – for example, a professional would be expected to act with more skill and knowledge than a private individual
- Ensure that the assets of the trust are protected
- Review investments at least once a year
- Keep accurate records
- Act in the interests of the trust rather than themselves and not benefit from the trust
Trustees cannot take a salary for their duties unless this was specified within the trust deeds.
Where a trust has multiple trustees, the scope of the responsibilities of a trustee can lead to a range of disagreements over how to administer the trust. If you are involved in a dispute over a trust, then contact Lupton Fawcett on 0333 323 5292 for advice.
The team at Lupton Fawcett has experience in dealing with all types of disputes over trusts and many of our solicitors are members of ACTAPS, the Association of Contentious Trusts and Probate Specialists.
Where possible, we always aim to settle the dispute out of court, but sometimes litigation is necessary. If this is the case, we will work hard to bring the dispute to court quickly and efficiently.
So as to help you understand some of the terms often involved with trusts, take a look at our glossary of common terms.