If a decision has been made to appoint a private trustee company as substitute decision-maker for a personal injury client (rather than a family member or a public trustee), the next step is to identify the right one.
There are very few around, and it can be hard for family members to know what to look for when asked by their lawyer to choose a trustee company.
Here is a helpful list of things to consider:
What is important - low fees? good service? being treated with respect?
Do they manage a lot of personal injury clients?
Do they have a good reputation? Perhaps ask other families in the same position?
Are they easy to deal with? Do they speak in plain English?
Are the fees clear and reasonable, expressed in both percentage and dollar terms?
Are fees charged over the value of a home?
Do they enable independent financial advice rather than ‘in-house’ advice?
Can they invest the money in financial products linked to their company?
Will we have a dedicated contact at the company?
Will we get a copy of the annual financial advice, and have it explained to us each year?
Will they help facilitate a change of trustee if the relationship breaks down?
It’s always worth talking to more than one trustee company so that you are well-placed to compare options and make an informed decision.