Who are the trustees of the will?

Who are the trustees of the will?

A trustee is someone who is given legal responsibility to hold property in the best interest of or for the benefit of someone else. As the name implies the trustee acts under a trust to do what is best and to act in the interests of others (the beneficiaries) and not himself.

Who can be trustee of a trust in India?

As per Section 10 of the Indian Trusts Act, any person who is capable of holding property can be appointed as a trustee. A person is deemed to have the capacity to hold property, if such a person is capable of administering the property effectively and efficiently with ordinary prudence.

Can trustees act by majority?

There are some forms of trust where majority decision making is usual, such as charitable trusts and pension trusts, but with private trusts the trustees are generally required to act unanimously unless, exceptionally, the trust instrument provides otherwise.

How are trustee decisions made in a trust?

Trustee decisions may be made at a meeting of the trustees, by written resolution or by deed as determined by the terms of the trust. Many trustees prefer to make decisions by written resolution as they find meeting with other trustees too burdensome.

How many executors should I appoint as trustees of my will?

So if you are considering creating a will trust in your will, you should think about appointing at least two executors so that they can then be the trustees of the will trust. In theory you can have as many executors as you like, but only four can apply for probate. See Grant of probate for more information. Who should I appoint as executor?

Why is it important for trustees to know the terms of the trust?

Trustees must always exercise their powers and make decisions in accordance with the terms of the trust. Some decisions may require additional documentation so it is crucial that all trustees are familiar with the Trust Deed and have the Trust Deed made available to them for consideration before a decision is finalised.

Do you have a duty to act personally in a trust?

Act Personally Trustees have a duty to act personally. They must be involved in trust decision-making and act personally in the process. Beneficiaries or other parties should not dictate how discretionary trustee decisions are made.

What happens when a grantor names multiple trustees?

When a grantor names multiple trustees, or co-trustees, they are responsible for co-managing the trust’s assets. It is important to know what and how much power each co-trustee has over the management of the trust’s assets.

What are the problems of successor co-trustees in a trust?

This can also slow down or cause problems when one trustee goes out of town for vacation, is incapacitated, etc. A well written trust agreement should provide for replacement of a co-trustee who cannot serve for some reason, or state that the remaining co-trustee can act alone in this scenario.

So if you are considering creating a will trust in your will, you should think about appointing at least two executors so that they can then be the trustees of the will trust. In theory you can have as many executors as you like, but only four can apply for probate. See Grant of probate for more information. Who should I appoint as executor?

Do you have to name all of your children trustees?

If you want to name an even number of your children to act together, you could select just one to make decisions. Or you may want to add a corporate trustee (that’s a bank trust department or trust company) to prevent any deadlocks if your children disagree. (If your children agree, the corporate trustee could not overrule them.)