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Buachaill
Buachaill, Barrister
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Experience:  Barrister 17 years experience
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Discretionary Trust assurance policy - if I am setting

Resolved Question:

Discretionary Trust for Life assurance policy - if I am setting one up for a Life with Critical Illness policy, can the sole beneficiary also be named as a Trustee? What is the minimum number of Trustees that are required?
Thank you.
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. Firstly, a sole beneficiary under a trust cannot also be a trustee. It is not a trust if one person owns both the legal estate as trustee and the equitable estate as beneficiary. So a sole beneficiary cannot also be trustee. Secondly, the minimum number of trustees is two. Otherwise, it is not a valid trust.
Customer: replied 1 year ago.

Thank you, ***** ***** clarify, if I am the settlor so will automatically become a trustee, does that mean I only need one other person to be a named trustee (who is not the beneficiary)?

Expert:  Buachaill replied 1 year ago.
2. Yes, the trust is not valid unless there are two trustees. So, if you as settlor are going to be a trustee, you need someone else to be a trustee other than the beneficiary.
Buachaill, Barrister
Category: Law
Satisfied Customers: 10400
Experience: Barrister 17 years experience
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