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Being a trustee is a risky business 13 Nov 2013

We recently read a newsletter from a lawyer’s office saying the firm would be phasing out its trusteeships.

Referring to being a trustee for a client, the firm said the risks of doing so were now “too serious”.

If you’re an independent trustee, be meticulous about doing your job. If you don’t understand what that means, come and see us.

The beneficiaries of a family trust are entitled to information about the trust. It is the duty of trustees to inform the beneficiaries they have an interest in the trust.

We recommend you keep the beneficiaries fully informed so there can be no repercussions. Send them copies of the annual accounts and details of capital and income distributions. It’s a good idea to send them a copy of the trust deed as well.

 

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