2 minute articles for trustee success

  • Trust reviews – It’s time to take stock

    Published June 6, 2015

    Last week Justice Minister Amy Adams chaired the first meeting of a reference group of trust experts.  She’s established this group to help update and improve the law governing private trusts. In 2014 the Government accepted the Law Commission’s recommendation for a new Trusts Act.  This reference group will help refine recommendations for the new Act before… Read More »

  • Trusteeship – Be courageous as a trustee

    Published May 18, 2015

    Trusteeship often involves what I call ‘courageous conversations.’ These are the sorts of conversations we need to have with people who may not want to hear, or may not be expecting, the message that has to be delivered. Examples for trustees could be having to tell a demanding beneficiary the answer is ‘no’.  Another would… Read More »

  • Professional trustees – Stand for something

    Published April 23, 2015

    Many professional trustees I talk to tell me that they don’t always feel rewarded for the responsibility and risk they take in the role. If you don’t feel rewarded, you’re less likely to put in the effort required. When you don’t put in the effort, the professional trustee role defaults to a reactive process of playing… Read More »

  • Trust records – what shape are yours in?

    Published April 8, 2015

    Trust record keeping continues to be a problem area for many trustees (although many trustees don’t know it). I’ve found trust records can be anywhere. When I’ve needed to review them I’ve often received them in shoe boxes, shopping bags, cardboard boxes and folders. It’s not unusual to find important records missing or lost. Trust… Read More »

  • Settlor letter of wishes – Keep it up to date

    Published March 12, 2015

    I was reflecting recently on a conversation I had had a couple of years ago with Alasdair McBeth, partner at DLA Piper.  I had been interviewing Alasdair for 10 Minute Trustee Success and we had been taking about tough situations trustees can find themselves in. He reckoned one of the toughest was when you’re the ‘last… Read More »

  • Professional trustees – Be professional

    Published February 19, 2015

    I think Justice Paul Heath said it best when he addressed an audience of professional trustees earlier last year and said “There’s no upside to being a passive trustee”.  He should know because he works at the sharp end of the justice system. Passive trusteeship is the situation professional trustees can find themselves in where… Read More »

  • Trustee advice – Know when to take it

    Published December 11, 2014

    Trustees have decision-making roles. Trustees are expected to make informed, considered decisions in the best interests of their beneficiaries.  That’s always important when you’re responsible for other people’s interests and assets. While trustees aren’t expected to be expert in everything or even always get things right, they are expected to be prudent. An example of… Read More »

  • Trustee responsibility – A project approach

    Published November 20, 2014

    Trustees have responsibility for managing trusts that may run over long periods of time.  Trustee responsibility involves managing day to day matters keeping an eye on the longer term outcomes trustees are responsible for achieving. We’ve been doing a major renovation of our home so things have been pretty chaotic over the last three months.  What’s good… Read More »

  • Trustee best practices – set expectations

    Published October 30, 2014

    Over recent weeks I’ve been helping a number of professional advisers work through ways to reduce risk and unlock value in their trustee service offerings. One of the biggest challenges for many advisers seems to be around setting expectations for trustee best practices. There’s no doubt it can be hard having to tell clients that things need… Read More »

  • Trustee risks – Don’t push your luck

    Published October 5, 2014

    I did something pretty dumb two week’s back.  I ran out of petrol in my car (on the way to the petrol station to fill up!).  I’ve never done that before and it’s not something I like to admit. I learnt a lesson – don’t push your luck. Yes, the little yellow fuel warning light… Read More »

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