A: In most cases Executors to the will are also appointed as Trustees. Even if separate Trustees are appointed, the same considerations for the appointment of Executors apply to the appointment of Trustees.
Trustees Duties Require Training & Experience.
The Discretionary trust is a rare breed, the name is descriptive the trustees have a primary duty to act in the best interest of the beneficiary, but they have discretion over how the trust is administered. This discretionary element confers a serious responsibilty on the testator to be care full in the appointments. Like with wills, a good proportion of trust questions to us on these pages and disputes that end up in the law courts because the wrong persons were appointed as trustees. Like executors to a will most people appoint trustee on the basis of making them feel valued or important there are several vehicles for demonstrating the high esttem in which you hold your friends and family, but unfortunatley, this is not one of them.
There must be at least 2 Trustees where any beneficiary is an infant or land is involved.
Ideal Trustees (if you are married) would be your spouse,and a third party. It would also be wise to appoint an Independent Professional Trustee. As well as helping administer the Trust, professional trustees can advise on the best ways of minimising further taxes and preserving wealth for future generations. They can also advise beneficiaries on additional tax planning opportunities and give impartial advice to the other trustees.
A decent inheritance planner would be able to give a free initial consultation on the establishment and setting and management of trusts, and as they only kick on some specified event some distance in the future the costs are often marginal compared to the inherent risks of not having one.