A nominated person who manages the trust fund for beneficiaries.
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What is a settlor?
The person who sets up the trust.
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What is a beneficiary?
The nominated person who receives the trust fund.
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What is a trust?
An arrangement whereby a person (trustee) holds property as its nominal owner for the good of one or more beneficiaries.
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Can anyone be a trustee?
NO. Must be 18+ and mentally able with a sound financial history.
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Can a beneficiary be a trustee?
It is possible, but it can create a conflict of interest.
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How many trustees should there be?
At least one in addition to the settlor. There is no official limit. However, one should take into account the time consuming nature of 4+ trustees.
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Can I retire from being a trustee?
Yes. But only if there is someone else to continue as trustee. The other trustees must also agree to this. You are also responsible for any actions you carried out whilst in the role of trustee.
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Is agreeement of the trustees necessary?
The general position is YES.
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What happens when the trust fund is paid to the beneficiaries?
The trustees are responsible for paying the trust fund but must complete the 'Deed of Appointment to Benefit (Absolute)' form before distributing any benefits.
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