Choosing a Trustee Who Should Be A Trustee

Published / Last Updated on 14/06/2015

Choosing a Trustee - Who Should Be A Trustee?

You cannot appoint anyone who is classed as a minor, i.e.  a child under the age 18, as a trustee. 

You can appoint someone over 18 and of sound mind to act for you.  It is also possible for the life assured of a policy and a beneficiary of a policy to be trustees.  If this is the case, it may be wise to appoint another trustee.

The maximum number of trustees on a policy is usually 4 but they can be changed by the settlor by using a Deed of Appointment.

When choosing trustees, you should bear in mind their duties:

  • To make sure that the trust property is safe and that no loss is suffered by the beneficiaries
  • They should not make a profit or buy trust property for their own use
  • They must not favour one beneficiary over another unless the Trust Deed explicitly says they should.   

Request expert advice today and choose your own trust.

 

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