Under the Trustee Act (2000), professional and lay trustees have been put under a duty of care to ensure appropriate investment of any monies destined for trust beneficiaries.
In the past, many trustees saw deposit arrangements as the safest place for trust money but safety is no longer the sole criterion, if ever it was. The clear responsibility now is to ensure that money in any trust is made to work efficiently for the beneficiaries. A complete investment solution is needed based on each specific trust that takes into account tolerance towards risks of losses, the growth potential of investments and the beneficiary’s income and capital requirements.
Seeking out an independent financial adviser is possibly the most important trustee duty. At Tyas & Company we have a range of investment solutions to help trustees ensure they meet the duty of care obligation. Contact us on 01293 843900 for a free initial consultation