Understand the role, commitment and practical responsibilities involved in acting as a trustee.

Trustees manage the assets held in a trust according to its terms and their legal duties. It is a position of responsibility that can involve ongoing work and important decisions.

Choosing someone you trust is a starting point. You should also consider whether they have the time, willingness and ability to carry out the role.

What should you consider?

Whether the proposed trustees understand and accept the responsibility.

Their ability to stay organised and work together.

How they would obtain professional advice when needed.

The likely costs of managing the trust.

What would happen if a trustee could no longer act.

Understand the ongoing commitment

Depending on the arrangement, trustees may need to maintain records, manage assets, deal with payments and meet relevant tax or registration obligations. These responsibilities should be explained before anyone agrees to act.

Ask questions before proceeding

A clear understanding of the trust’s purpose and practical requirements helps everyone make a more informed decision.

Contact Olympia to discuss your trust-planning questions and find out what guidance is available.