This is an extract of our Administration Of Trusts document, which we sell as part of our GDL Equity and Trusts Notes collection written by the top tier of Cambridge/Bpp/College Of Law students.
The following is a more accessble plain text extract of the PDF sample above, taken from our GDL Equity and Trusts Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
E&T: Administration of Trusts Appointment and Removal of Trustees
matters to consider:
1. capacity to be a trustee
2. no. of trustees required
3. appointment of trustees
4. retirement + removal of trustees. sources of rules:
1. trust instrument: usually governs.
2. Trustee Act 1925: provisions often adequate, but overruled by trust instrument.
Capacity: anyone with capacity to hold property, but no children. s20 LPA 1925: appointment of infant to be trustee in relation to any settlement void (even personal property).
Number of trustees maximum: trust of personalty: no maximum (but in practice, hard to agree if too many). trust of land: 4 (if more appointed, first 4 named willing/able act) - s34 Trustee Act 1925. minimum: generally, only 1. but: receipt of capital money from land: 2 trustees, unless sole trustee is trust corporation - s27(2) LPA; s14(2) Trustee Act 1925; ss18(1), 94, 95 Settled Land Act 1925. no requirement to maintain same number: unless specif ied in trust instrument.
Buy the full version of these notes or essay plans and more in our GDL Equity and Trusts Notes.