Elizabeth Thomson of ICS TRUST looks at the different types of trust companies and individual trustees, and explains how families and individuals can choose the right one for them.
Date: Dec 2011
Questions to ask during selection
For example, it is not unheard of that a client might want to review the account for the trust they have set up, only to find that there is no money left in the trust. It is not uncommon to hear of solicitors in certain countries to get “struck off” for dipping into a trust they’ve been managing.
In terms of other selection criteria, Thomson said it is important to look at the size of the firm to find the right fit, as well as looking for a cultural fit between the type of firm and individuals who work there.
However, Thomson said she has seen situations where clients of certain nationalities have said they prefer not to have trustees from their same nationality, because they feel that those people might chatter within the local community about the assets, and the clients therefore have some concerns about confidentiality.
Other considerations when choosing a trustee
Further, if an individual has assets in different countries, they might prefer to be able to talk to someone on the ground in these markets.