I mean, how much money is being settled into the trust?
Ignoring the duties and what is entailed, has the other cousin been approached about this?
How much care does Keri need?
How close are the cousins?
How close emotionally are they and geographically?
How much care does keri need?
If the potential trustee were asking methe question, I would tell her not to touch this with a barge pole. Althoughshe may feel a moral obligation. She has responsibilities and could becriticised if she does something wrong and all of this for no reward.
The duties of the trustee can be quitesimply summed up in the duty to act in the beneficiary's best interest, and tokeep accurate records.
Keeping accurate records is easy enough,but acting in the beneficiary's best interest can cover a whole variety ofthings.
You will also consider what happens ifthe trustee dies or gets fed up, or is simply incapable. I would also suggestthere are always two trustees acting jointly to provide a degree of check andbalance.
The problem with appointingprofessional trustees such as solicitors or accountants is that they charge,often, more, for administering the trust than the value of what they areadministering. They will charge 200 quid for example, to pay a bill of 50 quid,because of the time involved.
Can I help further?
Whilst I can see what you say is correct it implies, if everyone were to accept this advice, that anyone with fragile intellect should be left to their own devices From what you say the duties of a trustee are not seriously onerous in just keeping accurate records and really come down to whether we have a duty of care to less capable people in society. I think as you say it would be a better proposition if a second person could be found to act as a joint trustee to give a balance and check on the management of the trust and I think I shall make some effort to introduce another young member of the family to this role. I don't think we should just cast people afloat without support when it becomes necessary.
Once a trust has been set up can it not be altered, before coming into effect, if circumstances change and a trustee for whatever reason becomes unavailable.?
Yours sincerely Mike Parr
I appreciate what you sayabout not being cast afloat, but by the same token, you cannot thrust theresponsibility on to someone who does not want to do it.
There are various provisionsto replace trustees who are unable or unwilling or retiring or die, in statute.
You appreciate I hope that youare into a very specialist area and you need to take detailed advice and givedetailed instructions to a solicitor who specialises in such trusts.