Mavis is setting up a discretionary Gift Trust for IHT planning purposes with the aim that the trust fund will be used in the future to help her grandchildren (including those unborn) with university costs. She is automatically a trustee but intends to retire and has asked two of her children, Ivan and Jane, to be the ongoing trustees.
Ivan and Jane have limited experience of financial matters and no experience whatsoever of trusts. Both have a lot on their plates, juggling busy jobs with young families. They are honoured but apprehensive at the prospect of taking on the commitment of being trustees and have therefore asked for advice on their responsibilities.