I often describe trusts to new clients by reference to puppies. A lovely idea – and a very important life time companion. However, trusts like puppies need a lot of support, maintenance and there needs to be someone to clean up.
I was pleased then to see Lindsay Pope today analogising accepting an appointment as a trustee with choosing to sail to a Pacific Island on a yacht. Very few people (one assumes) would set sail without making careful enquires. However, many trustees take their long-term personal financial safety and put it in the hands of their co-trustees with nary a question asked.
For some useful guidance on things trustees should ask before (or after) saying yes see Lindsay Pope – Trustee Support “Look before you leap”