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Certain actions must be taken when a trustee is appointed or retired.
When a trustee is appointed or retires, certain actions need to be taken to ensure the trust property, along with all the duties and responsibilities, effectively transfer to the new and continuing trustees, enabling proper administration of the trust. As a retiring trustee you may also want to ensure that you are sufficiently indemnified for any losses caused by the continuing and new trustees going forward or that come to light in the future.
The specific actions may vary depending on the terms of the trust and any applicable laws or regulations, but these are general steps to consider:
It is important to note that the retiring trustee should act in accordance with their fiduciary duties and obligations until the transition is complete. Open communication and cooperation between the retiring trustee, the successor trustee and the beneficiaries are key to ensuring the continuity and proper administration of the trust.
It is advisable to seek professional advice from a solicitor or legal expert experienced in trust matters to ensure that the appointment or retirement process is carried out correctly and in compliance with legal requirements.
If you would like to speak to a member of our specialist team, please contact 0161 615 5554 or email wealthprotection@psg-law.co.uk.
Director, Court of Protection & Wealth Protection
t:07497 839796
e: gareth.williams@psg-law.co.uk
Partner, Wealth Protection
t:07301 218133
e: nina.sperring@psg-law.co.uk
Senior Associate, Wealth Protection
t:07399 781788
e: gail.galloway@psg-law.co.uk
Legal Assistant, Wealth Protection
t:07399 565976
e: lydia.palmer@psg-law.co.uk
t:07399 803662
e: marie.fletcher@psg-law.co.uk
Paralegal. Wealth Protection
t:07946 579067
e: suzanna.warburton@psg-law.co.uk
Paralegal, Court of Protection & Wealth Protection
t:07957 958134
e: alexandra.hales@psg-law.co.uk
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Winding Up A Trust
A Trust can be set up during a person’s lifetime or via their Will. Trusts are used to ensure that...
Deed of Appointment
Trustee Duties and Responsibilities
Trust Registration
Trust Accounts
Trust Administration
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