Trustee Seminar – Passing on the knowledge to the next generation!

In May 11, 2016
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IMG_0275Yesterday evening we held our first ever Trustee Seminar, for our Clients that have benefitted from our Estate Planning Service, and of course for their appointed representatives.

Our aim was to deliver a presentation that was easy to understand the foundations of Estate Planning and why what we have put in place for our Clients family is so important, but also to inform those representatives what their roles and responsibilities would entail when that time comes.

The important roles that our Clients have to appoint for are: Executors, Trustees, Guardians and Attorneys. We had a great mix in the room of existing Clients, as well as others that have been entrusted with these positions.

It is vital to us that we ensure our Clients and their families are 100% happy and confident with the planning and the roles, so that they never have to feel worried or concerned about the future. We will be there to take the worry away from them, to help guide them, in what will be a very difficult time.

If you have ever attended one of our Will Review Seminars, you will know that we are outspokenly against appointing professionals to act in these important roles (in most cases). The problem with appointing a professional Executor, Trustee or Attorney, is that only you can fire that person. Therefore, if you have lost mental capacity or have passed away, there is no one (other than a court of law) that can remove that person from that role. So the biggest issue we have here, is that that professional could neglect their position and take advantage of the family.

We have seen cases where a Solicitor that has been appointed as a professional Executor of a Will, has racked up thousands and thousands of pounds in fee’s, just for settling a very simple Estate, not to mention the length of time it actually takes them to do the job (the cynical part of me suspects they prolong the work so they can charge more!).IMG_0281

Therefore, we always recommend you only appoint friends or family that you can trust implicitly. The family can then choose to hire a professional for their help and guidance, but the family can then also fire that professional if they are not offering great service or value for money. Consequently, keeping the control within the family, where it belongs.

It was really lovely to see some of our Clients and their families again, and to be able to pass on the knowledge, ensuring that the planning we have created protects our Clients families for generations to come. It really is the most rewarding part of our job here at Redwood, and it is nights like this with our Clients, that make me truly love what I do!



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Redwood Financial Family Wealth and Estate Planners Ltd Company Number: 08926661
Registered Office Address: Wellesley House, 204 London Road, Waterlooville, Hampshire,