What is a Professional Trustee?

In simple terms, a professional trustee is an individual or an institution that is hired to manage and administer a personal trust. A trustee has a lot of varied duties in this regard, including:

  • Following the instructions of the particular trust
  • Managing and investing assets held within the trust
  • Distributing assets and money to the trusts beneficiaries.

There are various different types of trustees, such as: individual trustee, corporate trustee, member-nominated trustees (MNTs), employer-nominated trustees (ENTs) and independent trustees. The services of professional trustees are usually retained as they can offer impartiality and expertise in managing the trust. Although some do choose to entrust a relative or close friend in order to avoid the large fee of a professional trustee.

Professional Trustee Services

Although it can sometimes be quite expensive, the benefits of engaging a professional trustee can be considerable. For instance, a professional trustee can offer:

  • Objectivity – use experience to quickly spot and manage potential conflicts of interest.
  • Expertise – specialist knowledge and experience brings an independent professional insight to the trustee body to identify potential problems, provide solutions and promote good governance.
  • Reassurance  for the employer. By appointing a professional trustee, the employer receives credit for following best practice, whilst minimising problems and associated expense.
  • Professional Standards – as independent professional trustees, we demonstrate greater skill and diligence than would be expected of a lay trustee.
  • Trustee Training – we offer a series of modular training sessions tailored to the client's requirements. We also run practical workshops both at our own and clients' premises.

 
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