Is It Time to Update the Trustees of your Trust?
When managing a Trust, life’s changes can often prompt the need to update the Trustees. Whether it's due to the mental incapacity of a current Trustee, the desire to remove an independent Trustee, or the need to add another Trustee, it’s important to make these changes with care and foresight.
Why Consider Changing the Trustees to Your Own Trustee Company?
In these situations, you might find that setting up your own private Trustee Company to act as the sole Trustee of your Trust is a wise move. This approach not only simplifies the management of your Trust but also offers several key benefits:
1. Greater Control and Flexibility: With your own Trustee Company, you as the Directors can easily manage and control your Trust assets. Decision-making becomes more streamlined, allowing for efficient and responsive management tailored to your specific needs.
2. Protection and Continuity: A Trustee Company provides stability that individual Trustees cannot. Unlike individuals, a company does not become incapacitated or pass away, ensuring continuous management of your Trust. This can be particularly important for long-term estate planning.
3. Reduced Risks and Costs: Disputes among individual Trustees can lead to significant costs and delays. A Trustee Company minimizes these risks, offering a clear structure where you, as shareholders, have the power to appoint and remove directors. Plus, the administration of a Trustee Company is straightforward, without the need for a bank account or taxation returns.
4. Easier Transfer of Title to Trust Properties: When a person acting as Trustee retires, passes away, or becomes incapacitated, it requires a Deed of Retirement of Trustees and a transfer of title to any Trust’s properties. A Trustee Company simplifies this process, allowing for easy changes without the need to transfer titles.
How We Can Help:
At Ross Holmes Virtual Lawyers Limited, we offer a comprehensive package to help you transition to a Trustee Company. Our services include company registration, preparing the company constitutions, preparation of necessary deeds and minutes, and transferring property titles. We aim to make the process as seamless as possible, ensuring you have the control and peace of mind you need.
If you’re considering updating your Trustees, now might be the perfect time to explore the benefits of a Trustee Company. Contact us today to get started.
