When should a Lay Trustee consult a Solicitor?

A “Lay Trustee” is an individual who accepts the role of trustee of a Personal Injury Trust (in this instance) on a non-professional, non-chargeable basis.

As a Trustee, you will be expected to:

• Administer the Trust in accordance with the stipulations set out in the Trust Deed;
• Adhere to your fiduciary duties as a Trustee;
• Setting up Trust Account with a suitable bank/building society [Refrain from joint accounts, some banks may connect the trust account with the personal account]
• Ensure that the funds received are approximately invested and the investment strategy is suitable for the beneficiary’s needs;
• Completion of any tax returns and applying for any tax allowances
• Setting up and the annual maintenance of the Trust Registration Service (if applicable)
• Completion of annual Trust accounts
• Make decisions regarding any withdrawals from the Trust and being alert to any potential conflicts;
• Dealing with any third parties where the Trust will be responsible for paying any out-goings
• If there is property to be owned by the Trust, specialist considerations will need to be taken into account

How can Osborne Morris & Morgan help?

Here at Osborne Morris & Morgan, we take the time to get to know you and your affairs and treat every case with great sensitivity and care. We can assist a Trustee with setting up and administering a trust.

Did you know the Osborne Morris & Morgan Trust Corporation can act as professional trustee on your behalf?

If you would like to learn more, call our Personal Injury Trusts team on 01525 378177 or email info@ommlaw.co.uk.