Canada Life has partnered with Zedra to launch a new professional trustee service.
This service is designed to help advisers and their clients set up and manage a trust, ensuring it is registered and compliant with the Trustee Regulation Service (TRS), introduced in September 2022.
The service provides a corporate professional trustee that ensures all trustee duties, including regulatory requirements, are carried out on behalf of the settlor, trustees and beneficiaries. It can be used for new trusts and existing trusts where a professional trustee is required. The service also includes registration on the Irish CRBOT Trust Register, where appropriate.
Canada Life tax, trusts and estate planning manager Stacey Love, says:
“The Professional Trustee Service has been introduced to relieve the onerous requirements for advisers and their clients not only during the establishment of a trust and its ongoing administration, but also the ongoing requirement for trustees to update the trust record on TRS within the appropriate timescales, when any relevant changes occur.
“The service can also support the many people who do not want to burden family or friends with the responsibility of acting as a trustee, or indeed where a settlor may wish to keep their financial arrangements confidential.
“The Professional Trustee Service alleviates both the responsibility on individuals, but also allays concerns over maintaining confidentiality under the EU directive which applies to all EU countries, including, to a limited extent, the UK.”