Trustee role Flashcards
Who can be a trustee?
Any person except a minor. No restriction on how many, but for land, has to be a minimum of two
What happens if a trustee does not want to act or dies?
The executors will hold the property on trust until new trustees are appointed
In what ways can trustees be appointed?
1) using any express powers to appoint trustees found in the trust instrument
2) using statutory powers
3) by the beneficiaries exercising their Saunders v Vautier rights (by collapsing the trust and creating a new one with new trustees)
4) in the case of Charitable trusts, by the charity commission
5) by the court
How can trustees be removed?
1) through the trust instrument
2) through general statutory powers
3) the court
4) the charity commission
Can they retire?
Yes, trustees can retire voluntarily or by the direction of the beneficiaries (under s19 TLATA, and with Saunders v Vautier rights)