Trust Property
With the exception of land, any forms of trust property may be permissible to have only one trustee. More than one is acceptable to guarantee continuity as they all are not going to die at the same time. Besides that, the remaining trustee can appoint a replacement. The advantage of corporate trustee is based on the fact that it is less likely that trustee will retire or die despite maintaining its legal personality.
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Legal Person as Trustee
Corporate body may also capable of being a trustee due to tis separate legal personality. For instance, corporate body is considered as a corporate trustee in pension funds or even investment funds. Trustee ( Child as Trustee)
Anyone able to be a trustee provided they have capacity. In principle, child can be a trustee. But, he or she cannot be a legal owner of the land based on s20 Law of Property Act 1925. Therefore a child cannot hold a legal title to the land and can be concluded that a child cannot be a trustee when the trust property is a land. A child might also enter into contract and became a trustee to the trust property ( except land). However, the contract remains voldable until age of majority is reached. Adult Trustee
Adult trustee can be anyone with the condition that the person habitually resides within the jurisdiction of the United Kingdom as absentee trustee might be removed. Adult trustee just need to be competent. Regardless of professional or not, trustee may include relatives mostly in the scenario of family trust. Adult trustee might be the settlor or even the beneficiaries. |