Challenges
Trusts are one of the most widely used and effective legal structures for the safeguarding and preserving of assets in Ireland and other jurisdictions. They are employed in a broad range of scenarios from preserving assets for the benefit of minors / vulnerable family members, to charitable trusts established to benefit charitable organisations and causes. There are many advantages to setting up a trust in Ireland, both from a financial and legal perspective, so trusts are commonly used in the areas of asset protection, estate planning, tax efficiency, wealth preservation, business continuity and control and the financial protection of minors / vulnerable individuals.
Family members and/or trusted individuals are often appointed as trustees, but serving as a trustee does not come without significant legal risk and exposure and can be very time-consuming, requiring a significant amount of expertise. Trustees are required to meet their fiduciary duties whilst carrying out administrative work, managing of assets, maintaining records, holding regular trustee meetings and preparing / keeping detailed minutes. They are also required to deal with advisors and beneficiaries. Non-professional trustees may struggle to keep up with the duties and obligations required, including keeping up-to-date with changes in legislation, etc., alongside other personal and professional commitments.
Trusts – Professional Trusteeship
DTS, as a professional independent trustee, offers experience, expertise and impartiality, ensuring that your trust is administered effectively, efficiently and in compliance with legal, fiduciary and trust requirements. DTS can be appointed as a sole professional trustee or as a co-trustee with family member / other trustees, and can assume the role of chair of the trustee board.
1. Expertise and Experience
With in-house legal and actuarial expertise, DTS brings specialised knowledge and experience in trust administration, meeting of legal requirements and ensuring compliance with trust law and documentation. The DTS team is highly experienced in dealing with the complex and evolving nature of regulation, risk management and compliance ensuring that your trust is administered effectively and correctly and that all trustee duties are carried out in a structured, timely and compliant manner.
2. Impartiality and Objectivity
As an independent professional trustee, DTS is completely independent and impartial, and unlike a connected / family-member trustee, does not have any personal interests or biases which may influence decision-making or create conflicts of interest. This is especially important in family trusts, where emotional or personal conflicts might arise. Having a professional trustee on the board of trustees ensures that decisions are made based solely on the terms of the trust and having regard at all times to the best interests of the beneficiaries (and different classes of beneficiaries) thus helping to avoid disputes and conflicts of interest.
3. Dealing with 3rd Party Advisors
DTS has extensive experience in dealing with and managing relationships with professional advisors and other external parties often required for the proper running of the trust – solicitors, wealth managers, consultants, taxation advisors, actuaries, accountants, property managers, investment managers, etc. In particular, DTS are very familiar with operating under the terms of appropriate engagement and service level agreements with professional advisors and other external parties appointed for the effective discharge of the trust. As a professional trustee, DTS does not provide legal, actuarial, pension, taxation or accountancy advice.
4. Continuity and Stability
One of the key advantages of appointing a professional trustee like DTS, is continuity. Unlike a trustee board comprising of only named individuals (eg. individual family members / other individual trustees) who may retire / resign, pass away, become incapacitated or face personal issues requiring that they step down, a professional trustee company ensures that the trust administration and governance continues without disruption thus providing consistency and reliability.
Peace of Mind
Appointing DTS as a sole or joint trustee to your trust brings the considerable benefits of an independent and professional trustee company, combining over 25 years of hands-on legal, actuarial and trusteeship expertise to ensure that your trust and beneficiaries will benefit from a wealth of relevant, cost-effective and practical experience from a professional trustee with the necessary qualifications, experience and reputation.