Appointing a new Trustee
There are various reasons why a family would wish to appoint a new Trustee on an existing trust.
Typical reasons can include:
- The existing Trustee(s) have decided to retire and the family are required to appoint new Trustees to manage the Trust.
- The family no longer have a relationship with the existing Trustees and therefore would like to appoint new Trustees.
- The existing Trustee has a conflict of interest and requires a new Trustee to take their place.
- The current Trustees are increasing the fee levels and there has been deterioration in administration support.
- The current Trustees have rigid administration criteria and are refusing to consider diversification of the existing trust assets.
- Recent tax changes have forced a review of existing arrangements, but the advisers who implemented the structure are no longer in contact.
Many clients do not realise that the trust they have established can be transferred from one Trustee to another. It can be a relatively straight forward process, and the method of transfer is normally detailed in the contract, agreement or trust deed.
Fortress offer a review and audit service for existing Trusts where clients can be unsure with what has been set up or are just looking to be de-mystified about the arrangement and want to understand how to utilise it better.
We can produce all of the necessary legal paperwork and liaise with all family members involved to change the existing Trustees and appoint new ones.
If a professional, Corporate Trustee is required, Fortress can act as Trustees both in the UK and for International Trusts.
For more information on the benefits of appointing Fortress as Trustee, please click here.