2025 has been a transformative year for the UK’s private wealth landscape. High-net-worth families and individuals, their advisors, and service providers alike are having to navigate shifting terrain as a result of substantial changes to the law as well as rapid technological evolution.
One emerging trend, as a result of the changes to UK rules, is the increased relevance and importance of independent, sole trustees; such trustees have traditionally been the preferred solution outside the UK (for ‘offshore’ trusts) although this approach is increasingly perceived as an attractive option for relatively large and/or complex UK trusts as well.
As clients and advisors reassess legacy planning and asset protection strategies, an increasing number are exploring whether appointing a sole trustee could offer the right balance of conflict-free governance with clear choices affecting control, flexibility and asset protection.
The shifting landscape
For generations, UK families with substantial assets have often appointed professional co-trustees, such as lawyers or accountants, to sit alongside ‘lay’ trustees – usually unpaid friends or family members. This approach was rooted in the balance of ensuring technical expertise, while retaining personal influence over family wealth and remains the most pragmatic solution for straightforward trust arrangements or executor appointments.
As a consequence, many legal or accounting firms have their own trust corporations which are increasingly being used in place of individual partner appointments as a way to limit personal exposure to the partner leading the relationship and provide better continuity/resilience in the event of changes in members of the relevant firm.
It remains the case that UK legal and accounting firms may, often, be the best solution to provide trustees for straightforward trusts, including those where they serve as executors. Where a trust is intergenerational or complex, it may be better, for reasons of best practice, avoiding conflicts of interest and commercial interests of the legal and accounting professionals to focus on the advisory function.
Increasingly complex regulatory and reporting requirements and the rise of new markets including digital assets, bring their own set of new challenges.
In this changing and more complex environment, trust administration has become more complex and time consuming, decision-making may need to be swift in some matters and global expertise should be available from the trustee where it is required. An independent trustee, if properly structured, resourced and experienced, can often deliver these benefits most effectively.
The rising trend of sole trustee appointments is already evident. For example, according to Hymans Robertson, 42% of professional trustee appointments to defined benefit pension schemes were sole trustees by March 2025, a 13% increase from the prior year.
It remains to be seen whether this approach will continue to be increasingly prevalent although it seems likely. One additional factor that we are monitoring is the extent to which existing offshore trusts are brought onshore into the UK by eligible parties under the government’s Temporary Repatriation Facility (‘TRF’). It is likely that the budget announcement scheduled for 26 November 2025 will influence such decisions.
Benefits of independent trustees and why they are often sole trustees
As set out above, the rising interest in the appointment of an independent trustee for UK wealth structuring is driven by the combination of practical and strategic advantages. One of the most compelling benefits is efficiency and experience of decision-making. Where an independent trustee is also a sole trustee, the single point of authority enables the trustee to act swiftly and decisively, avoiding the delays and complications that often arise when consensus is required among multiple trustees.
Sole trusteeship also enhances accountability. When one professional is clearly responsible for the trust’s administration and decisions, governance tends to be more transparent, and the risk of miscommunication or internal disputes is reduced.
Another key advantage is a sole trustee’s legal duty to act in the best interests of all current and future beneficiaries, free from the potential conflicts of interest that can arise when co-trustees also act in other professional capacities.
In certain cases, a sole trustee model may also reduce administrative overheads and professional fees, especially where streamlined operations and clear reporting lines are in place. This can make the structure more sustainable over the long term.
Independent trustees bring a high level of technical expertise, regulatory awareness, and global experience. These qualities are increasingly important as families hold diverse assets across jurisdictions. A trustee with deep knowledge and a broad perspective can be instrumental in managing such complexity effectively.
The right fit
Independent sole trusteeship is not universally suitable, and clients should approach it with careful consideration. One key concern is the concentration of power. Although bound by legal duties, a sole trustee holds significant authority, and some families may feel more comfortable establishing oversight mechanisms, such as the appointment of a protector, to ensure the trust is administered in line with the settlor and beneficiaries’ wishes. Even with a sole trustee, however, families can retain certain powers, those these usually have important tax and asset protection implications, which require careful consideration.
The value of assets being placed in trust, as well as the extent of administrative burdens, is also a key consideration. For some, the expense of a sole trustee, compared to the often nominal fee charged by a professional co-trustee, may not be justifiable. However, the benefits of a sole trustee can, in some cases, outweigh the cost, particularly where significant or complex assets are involved.
Finally, personal dynamics also play a role. In some families, retaining a mix of professional and lay trustees remains preferable. This approach can preserve personal involvement, uphold legacy values, and maintain a sense of shared stewardship over family wealth.
Reputable sole trustees will not “upsell”. Their role is to act solely in the best interests of the trust and its beneficiaries, not to promote additional services or products. A trustworthy provider will be transparent about whether sole trusteeship is appropriate for a client’s needs, and will advise against it if the structure, complexity, or value of the trust does not warrant the cost or level of oversight. Their objectivity and singular focus should ensure that any recommendation is driven by suitability, rather than by commercial incentive.
Conclusion
As the UK’s private wealth landscape continues to evolve, sole trusteeship is emerging as a compelling option for many high-net-worth individuals, particularly those seeking streamlined governance, regulatory alignment, and objective fiduciary oversight. However, it is not a one-size-fits-all solution. Clients should assess their needs carefully, considering the nature of their assets, family dynamics, and long-term goals.
Looking ahead, we expect to see a continued rise in the appointment of sole trustees, driven by the increasing complexity of asset portfolios (which may previously have been structured offshore), heightened regulatory demands, and the desire for more agile and accountable trust governance. As more families seek clarity, control, and confidence in their wealth planning, the sole trustee model is likely to become an increasingly prominent feature of the UK’s wealth landscape.
This article was first published in TL4 Private Client Magazine – Year of transformation in wealth
