Look before you leap

One important decision that professional advisers make is whether they'll take on the job of a trustee for clients.

I’ve seen a number of trustees dealing with problems that may have been avoided if there had been better due diligence and expectations set before they had said ‘yes’ to taking on the job.

The time for asking questions and checking things out is before you say 'yes'.  

Here's a couple of rules I've found helpful with trusteeship:

Rule 1:  Before becoming a trustee, focus on your best interests.

Rule 2:  After you become a trustee, it’s all about beneficiary best interests. 

Trusteeship's a job.  You have to know what you’re getting into, before you take it on. 

You can download a copy of my checklist “Things to check before becoming a trustee” here. 

If you’re already a trustee, it might be a useful checklist to see if you're on track. 

I’ve always found that the extra effort you put in to get things off to a good start, pays off. 

Trust good practice.

Lindsay