I have a client who is considering setting up a trust. He asked if there was a minimum number of trustees and, unfortunately, I can't find anything that tells me! I have a feeling it's two, but can't be certain.
Stumped
Replies (2)
Please login or register to join the discussion.
Just beware
A sole trustee is, as has been pointed out, entirely legal.
However, it's also a highly risky strategy: if the sole trustee should fall underneath a bus, the trust is left with no trustee at all. How, by whom, and how quickly a replacement trustee can be appointed will depend on the wording of the trust instrument (and may fall to be a function of the Courts - seldom a tempting prospect). This could lead to inconvenience or hardship to beneficiaries.
Wise counsel is to use a minimum of two human trustees or a corporation (which is essentially immortal) as a sole trustee.