As Will Writer in London we often see Trustees selected based on ‘likeability’ without enough thought as to whether they are suitable to make sound investment decisions.
The role of a Trustee requires a ‘Duty of Care’ and willingness to make the money left by the Estate work until it is passed to the beneficiary. Also Statutory duty directs towards the ‘modern portfolio theory’, which states that Trustees should seek to establish a suitable level of risk and diversification across all assets.
As our Society becomes more akin to operating in a environment of a ‘suing culture’ a stark warning needs to be given to everyone Making a Will to choose their Trustees carefully and perhaps even prime or test them on their obligations and width of their investment remit. If you remain unconvinced that consider alternatives or advise that in the event of your death you do not want them to undertake this responsibility alone and steer them towards the professional services of a Financial Advisor, and fund this out of your directions in the Will.
Our London Will writing Consultants are often asked to put a trust in place to prevent minors from frivolous spending until the money can be fully appreciated, and it now looks like the excused can turn the excuser if the Trustees do not perform as expected. So think carefully when choosing your Trustee as not only will they have to invest money wisely they will also need to withstand potential scrutiny.
Niche Will Writers in London | London Will Writers
Members of The Society of Will Writers
www.nichewills.co.uk
Pretty good post. I just stumbled upon your blog and wanted to say that I have really enjoyed reading your blog posts. Any way Ill be subscribing to your feed and I hope you post again soon. Jonathan