Why Should I Use A Professional Trustee?
Many people when creating Trusts appoint their children or other family members as Trustees. The Trustees are often also the beneficiaries to the deceased's estate and this fact may pose some real problems after the death of the Settlor (the owner of the Trust).
Once the deceased's assets have entered the trust a Trustees meeting must be held and any decisions regarding the distribution of these assets have to have the agreement of ALL of the Trustees. As we all are aware this can often prove to be an issue within some families.
Appointing a Professional Trustee, such as Countrywide Legal Services, will ensure that a totally unbiased approach is taken when dealing with the deceased's assets and that the Settlor's wishes are completely upheld.
The role of a Trustee can be extremely daunting for an untrained person and often decisions will be made which may not be completely in the interest of the beneficiary(s). This may be simply because the Trustees do not have a clear understanding of the impact their decisions may have on the beneficiary's inheritance.
Countrywide Legal Services gives consideration to the tax status, financial status and marital situation, of the intended beneficiary (ie if the beneficiary were undergoing financial difficulties or entering into Divorce Proceedings). This ensures that the assets would not be lost to creditors or future ex spouses. Our advice can be crucial in preserving assets and ensuring as much as possible is received by the intended beneficiary(s) and is not lost to tax, divorce or in settlements to creditors.