A trust is only as sound as the people holding the legal title. Trustees die, move abroad, fall out, lose capacity or simply want to step away — and beneficiaries sometimes want a say in who manages their property. As a solicitor, you will regularly be asked to add a trustee, replace one, get one out, or check that an appointment was done properly. Getting the number, eligibility, formalities and vesting right is what makes these changes actually take effect.
This lesson takes you through the full life cycle of trusteeship, in order:
- Number and Eligibility of Trustees — how many trustees a trust needs, who can hold legal title, and who cannot.
- Appointment of Trustees under s 36 TA 1925 — the main power to replace and add trustees, who may exercise it, and when.
- Formalities and Vesting of Trust Property — the writing and deed requirements, and how trust property passes to new trustees.
- Disclaimer and Retirement — how a person refuses or leaves office, and what liability stays with them.
- Beneficiary-Directed and Court Appointments — when beneficiaries can dictate appointments and when the court steps in as backstop.