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Seven important things to know if you are a trustee





Sponsored feature | Michael Bretherick, chartered financial planner, Gibbs Denley Financial Planning

Michael Bretherick, chartered financial planner, Gibbs Denley Financial Planning
Michael Bretherick, chartered financial planner, Gibbs Denley Financial Planning

Being a trustee means that you are taking responsibility for money or assets that someone, known as the ‘settlor’, has placed in a trust for someone else, known as the ‘beneficiary’. You may have to make decisions about how the assets are used or when they are distributed.

There are many reasons why someone may set up a trust. It can be an efficient way to pass on wealth, create a family legacy, or give assets to those who cannot manage them themselves, such as children. Perhaps you’re also thinking about setting up a trust to pass on or protect your own wealth.

If you’re acting as a trustee, here are seven essential things you should know:

  1. The decisions you make must be in the best interests of the beneficiary
  2. You won’t benefit from the trust yourself
  3. You should read the trust agreement carefully to make sure you understand the purpose and requirements of the trust
  4. You may be responsible for paying tax the trust is liable for
  5. Since September 1, 2022, you may need to register the trust with HMRC’s Trust Registration Service
  6. You will be responsible for keeping track of records
  7. You can ask for advice.

Managing a trust can be overwhelming and a lot of responsibility. Remember, you don’t have to do it all alone and you can seek advice when you need to.

Speaking to a legal professional about what decisions you can make can put your mind at ease. When you’re making financial decisions, a financial professional can also give you confidence that you’re making decisions that are appropriate for the beneficiary.

If you are a trustee and have questions about your role or would like to set up a trust yourself, contact us.

Contact our team to find out more about how we could help you. Call 01954 233650 or email financial@gibbsdenley.co.uk.

This article is for information only, and does not constitute financial advice. This article is for information only and does not constitute financial advice. Gibbs Denley Financial Planning is a trading style of Gibbs Denley Financial Service Ltd.

Visit gibbsdenley.co.uk.

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