TRUST PROTECTOR

TRUST PROTECTOR

Posted - 6 Jun 2023

Location - UK

Our client is a Family Office, with the Principals being the beneficiaries of a number of family Trusts, holding liquid and longer-term financial assets.

The adult beneficiaries are a brother and sister in their mid to late forties.

The assets of the existing trusts will be divided and settled upon new trusts, with new Trustees, which will comprise three Channel Island based resident trusts, all of which will be held for the beneficiaries. The Trusts are to be dynastic and serve at least three future generations.

The family is seeking to appoint an experienced trust industry professional as Protector, to monitor and oversee the administration of the trust by the trustees. The appointment is designed to ensure that:

• There is an appropriate check and balance on the exercise of the Trustee’s powers.
• There is the provision of additional oversight that is independent from the Trustee on any proposed distributions of capital.

The Protector will have a fiduciary relationship, meaning that they will owe a duty of care to the beneficiaries and must consider what course of action is in their best interests, and act accordingly in good faith.

The beneficiaries will have the power under the trust instruments for the Trusts to jointly appoint/remove a single protector.

The powers conferred on the Protector will be limited to such as:

• The power to appoint/remove trustees.
• The power to consent to a change in the proper law of the trust.
• The power to consent to a change to the trust period.
• The power to consent to the addition/exclusion of beneficiaries.
• The power to consent to a variation to the terms of the trust.
• The power to consent to capital distributions (a letter of wishes shall provide detailed guidance for the exercise of this power).

Whilst there will be an initially intense period of work – reading the Trust documentation, meeting with the new Trustees, meeting with the adult beneficiaries etc. – this will tail off once the new structure is in place.

We are looking for an experienced, calm presence, able to make a precis of complicated legal/Trust jargon into readily understandable terms for discussion with beneficiaries. Both adult beneficiaries have careers and when they are required to discuss Trust affairs, they wish to be able to focus on the key issues at hand.

The successful candidate will need to be empathetic and proactive, ready to listen as well as to speak and able to anticipate any potential issues, taking appropriate action and providing reassurance to the beneficiaries.

Existing experience as a Trust Protector would be preferred but is not essential and might suit a Chartered Accountant, Wealth Manager or Lawyer, able to read and understand legal opinion, with the authority and executive presence to protect the interests of the beneficiaries.

Remuneration will be commensurate with the duties and demands of the role and the experience of the candidate.

If you would like to find out more about the role, please send a (preferably Word) copy of your latest CV to Jeremy Green at jeremyg@agreusgroup.com

REF: AGR 759