Trustee role

Question 1

Who can be a trustee?

Answer 1

Any person except a minor. No restriction on how many, but for land, has to be a minimum of two

Question 2

What happens if a trustee does not want to act or dies?

Answer 2

The executors will hold the property on trust until new trustees are appointed

Question 3

In what ways can trustees be appointed?

Answer 3

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

Question 4

How can trustees be removed?

Answer 4

1) through the trust instrument
2) through general statutory powers
3) the court
4) the charity commission

Question 5

Can they retire?

Answer 5

Yes, trustees can retire voluntarily or by the direction of the beneficiaries (under s19 TLATA, and with Saunders v Vautier rights)