A trustee should be someone you consider honest, reliable and capable of managing financial and administrative responsibilities.
Trustees must follow the terms of the trust, act in the beneficiaries’ best interests, manage the assets carefully and keep appropriate records. Depending on the trust, they may also need to make difficult decisions about payments to beneficiaries, arrange valuations, complete tax returns or register information with HMRC.
You may appoint trusted relatives or friends, but it is worth considering whether they have the necessary time, judgement and ability to work with the other trustees. Appointing more than one trustee can provide shared decision-making and continuity if somebody is unable to act.
A professional trustee may be appropriate where the assets, family relationships, tax position or beneficiaries’ needs are particularly complex. Professional trustees will normally charge for their work.