A Practical Guide to the Transfer of Trusteeships

Abstract

I shall start this review with what some might seem to be a remarkable assertion. In my view, A Practical Guide to the Transfer of Trusteeships is the most relevant and, therefore, important work in the whole area of trusts and trusteeships. So, how can I possibly make such a bold assertion? Put quite simply, the area of law and practice concerning the transfer of trusteeships is one that is hugely important to all professional trustees and those that advise them. The reality of life for a professional trustee is that the vast majority of ‘new’ business they receive these days, actually comes in the form of what might euphemistically be described as ‘previously enjoyed’ trusts. It used to be the case that a trustee was for life, now it is quite often the case that the trustee does not even make it to Christmas. It is far from unusual to see trusts that are yet to celebrate their 10-year anniversary but are already on their third set of trustees. Add into this mix the fact that trust companies are still being bought and sold freely, obviously, when the trust company itself is sold this is not a case of a change of trustee but if there is a sale of the business (not the company) and trusts are transferred on an individual case by case basis, then of course another change of trusteeships occurs.