I am commonly asked how many trustees should be appointed as well as just who it is appropriate to appoint.
The quantity of Trustees appointed depends on whether Land is going to be held in the Trust. If it does then you will require at least two trustees, this is because two trustees are needed to give valid receipt for capital monies arising under a trust (sale proceeds). Where the trust holds land there may be a maximum of four trustees.
If the trust does not hold land, there is no restriction on the number of trustees. It is advisable however to have between two and four trustees so that the trust may later acquire land.
It is also best to avoid having a sole trustee to avoid delays in administration if the sole trustee dies or becomes unable to act.
Your trustees should be people that you 'trust' be that a family member, family friend or professional. They are after all being trusted to look after your assets in the best interests of your chosen beneficiaries.
28 March 2018
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