Who should be a Trustee?

Usually Trustees are selected from close family and friends. They are usually those the settlor trusts most and whose judgement they can rely. Alternatively, people select professional Trustees.

If settling Assets in a Discretionary Trust, it is best to appoint a professional trustees as they will follow a Memorandum of wishes or follow ‘nominations’. Family members may have vested interests whereby their descretion is fettered.

Note you need a charging clause to allow professional trustees to assist in administration of a trust and to be paid fees.

Trustees are selected because the settlor/donor believes they will respect their wishes and distribute the trust fund to their beneficiaries in accordance with their wishes.