Trustees Flashcards
Will a trust fail if the trustees refuse office?
No an alternative will be appointed
Are trustees automatically entitled to remuneration?
No (unless expressly granted or professional trustees)
Do multiple trustees have to act together?
Yes
Who can be a trustee?
Adult of sound mind
How many trustees should there be for a trust of land?
Minimum 2, maximum 4
What is the order of who may appoint a trustee for inter vivos trusts where the initial trustee has disclaimed trusteeship and the trust instrument is silent?
- disclaiming trustee
- beneficiaries with saunders v vautier rights
- court
What is the order of who may appoint a trustee for testamentary trusts where the initial trustee has disclaimed trusteeship and the trust instrument is silent?
- Renouncing named executor/trustee
- Third party predeceased = personal representatives
- Disclaiming third party
- If third party doesn’t exercise power to choose = personal representatives
How should trustees be appointed where there is a testamentary gift to a minor?
- personal representatives can hold on trust or
- can appoint at least two trustees
Who can initiate chages to trustees of a subsisting trust?
Trustees or beneficiaries
Who has the statutory power to replace existing trustees for a subsisting trust under s36(1)?
- person named
- continuing trustees (or personal representatives of last surviving trustee)
When can the power to replace a trustee of a subsisting trust be exercised?
- death
- abroad over a year
- minor/lacks capacity
- retires/refuses/unfit
Can refusing/retiring trustees appoint their replacement trustees?
Yes
Who has the statutory power to appoint additional trustees for a subsisting trust under s36(6)?
- person named
- continuing trustees
What is the maximum number of trustees allowed where new trustees are being appointed?
4
What form must appointment of trustees be in?
Writing
