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Ask Buachaill Your Own Question
Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10539
Experience:  Barrister 17 years experience
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Good afternoon I have a query regarding an issue of removing

Customer Question

Good afternoon
I have a query regarding an issue of removing a Trustee. I took out a life insurance policy with Sun Life of Canada who advised me at the time to have 2 Trustees. Since then Sun Life have issued me with shares some years ago. One of the Trustees is now untraceable and has been for over 10 years. I am unable to obtain the share certificates and also cannot be paid the dividends from these shares as I have changed address and a form of acknowledgment has to be signed by both Trustees before I can be paid the dividends. Can you advise me on how to proceed with the removal of this Trustee?
thank you.
Submitted: 2 years ago.
Category: Law
Expert:  Buachaill replied 2 years ago.
Customer:

1. Here you need to contact Sun Life of Canada and request a Deed of Removal and a Deed of Appointment. Each will have to be signed so that you can remove this trustee who is now untraceable and appoint a new Trustee in their place. The actual terms of the insurance policy whereby its proceeds were placed in trust will include a power of appointment and a power of removal. So now you just need to get the forms to fill in to remove the trustee who is untraceable and a Deed of Appointment to fill in to appoint a relevant person to act in their place. Be aware that it is a requirement that there be two trustees of any trust so that it be legally effective. This is why you need to appoint a new trustee in place of the untraceable trustee.

JACUSTOMER-fdpzylaa- :

Thank you very much for this information. Sun Life of Canada went to a PCL company and when this happened I was issued with shares totalling approx £7000 worth. I cancelled the life insurance policy some years ago but cannot obtain the share certificate as I need the signature of the Trustee who is untraceable and I am unable to received the dividends now as I moved house a year ago and again the Form of Acknowledgement which needs to be completed in order for Capita's records to be updated has to be signed by both Trustees. Capita have indicated that we need to obtain a Vesting Order - we do not know what this is. Is this something that can be obtained by me or do I have to go through a solicitor?

JACUSTOMER-fdpzylaa- :

I am sorry I messed up my message to you. Sun Life of Canada went to a PLC company and I was issued shares to the value of approx £7000. I cancelled the life insurance policy some years ago but am unable to obtain the share certificates as I need to get a signature from the untraceable Trustee.

Customer:

2. If you need a vesting order, then you will need an order of the court. So you should get yourself a solicitor who will issue proceedings in the County Court to get the necessary vesting order, now that the insurance policy has been cancelled. It is a straightforward application which will be by way of evidence given in writing. You merely set out the circumstances and seek the necessary vesting order vesting the shares in you directly.

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