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Do I need professional Trustees?

Almost anyone can be a trustee as long as they are over the age of 18, of sound mind and are not declared bankrupt. However the role is strictly governed by both statute and the terms of the trust itself. It is very easy for an unadvised trustee to inadvertently breach one of the strict duties imposed on them and find themselves personally liable for any loss to the trust fund. This can be something as simple as not properly investing the trust fund or to failing to submit annual income tax returns for the trust.

Therefore when creating a new trust, whether during your lifetime or by Will, we recommend that you seek legal advice regarding the terms of your trust and whether the complexities involve highlight a need for professional trustees.

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