Lack of trustees for a Trust
Posted: January 19th, 2017, 10:00 am
Okay, without going in to a full life history my situation is this.
Late fifties, no children, partner 10 years younger, not mega rich but sufficient assets to have the prospect of HMRC taking very substantial amounts of IHT if I were to kick the bucket tomorrow. Marriage may be on the cards after quite a wild life of trying to avoid it!
Looking to set up a discretionary or lifetime trust to look after my partner/wife to be after my death with the second priority being that the assets (which are currently 99.5% mine) find their way back to my relatives at the end of the day. She has no relatives to speak of and the nightmare scenario would be a distant and estranged niece of hers getting anything after her death.
My closest relatives are nephews, late twenties and nearly all working/travelling abroad. Good relationship with all of them but not sure it would be right or fair to ask any of them to be trustees. No other younger friends or relatives who I feel would do the job.
So, finally, the question. If I am struggling to find anyone am I being a fool to appoint a law firm as sole trustees? How could they be monitored. My partner has zero financial sense or knowledge and would probably write out a cheque for any sob story that came along, another reason for leaving the money in trust.
Thanks and regards to all.
Late fifties, no children, partner 10 years younger, not mega rich but sufficient assets to have the prospect of HMRC taking very substantial amounts of IHT if I were to kick the bucket tomorrow. Marriage may be on the cards after quite a wild life of trying to avoid it!
Looking to set up a discretionary or lifetime trust to look after my partner/wife to be after my death with the second priority being that the assets (which are currently 99.5% mine) find their way back to my relatives at the end of the day. She has no relatives to speak of and the nightmare scenario would be a distant and estranged niece of hers getting anything after her death.
My closest relatives are nephews, late twenties and nearly all working/travelling abroad. Good relationship with all of them but not sure it would be right or fair to ask any of them to be trustees. No other younger friends or relatives who I feel would do the job.
So, finally, the question. If I am struggling to find anyone am I being a fool to appoint a law firm as sole trustees? How could they be monitored. My partner has zero financial sense or knowledge and would probably write out a cheque for any sob story that came along, another reason for leaving the money in trust.
Thanks and regards to all.