Sally Ashford and Oliver Auld write for International Adviser on the role of a trustee in a family trust
Family dynamics, even ostensibly harmonious ones, have the capacity to complicate the management and administration of family trusts. This is particularly the case for wealthy families, whose relationships are often as complex as their financial and business interests.
"When conflicts amongst the beneficiaries arise, trustees face the unenviable (and often impossible) task of navigating difficult decisions whilst seeking to preserve their relationships with each of their beneficiaries.
"The relationship between trustees and beneficiaries is often finely balanced: over-familiarity with some can lead to allegations of bias; whereas too much distance can give the impression of being out of touch with the family’s needs."
Read the full article in International Adviser here.