Key points

• the settlor can expressly appoint trustees either to an inter vivos trust or under a will;

• a maximum of four trustees can be trustees of land;

• there is no limit to how many people can act as trustees of personalty;

• the Trustee Act 1925 s.36 provides for the retirement and removal of trustees and the appointment of a new trustee;

• the Trustee Act 1925 s.39 provides for the retirement of trustees without replacement;

• trustees are not generally paid but exceptionally a trustee can be paid; and

• the Trustee Act 2000 provides for some limited payment and payment can be made in other limited circumstances.

Creation of the trust

A trust requires at least one trustee to hold the legal title to the property of the trust. When a settlor creates a trust during his lifetime the first trustees will be named in the trust instrument. He may even choose to appoint himself as a trustee in which case there is no necessity to transfer the assets of the trust as these are held already in his name.