As Trusts can continue for a number of years, it may be necessary along the way for a change of trustees to take place. This may be because:
- A trustee wishes to volunteer to retire;
- A trustee has died;
- A trustee is no longer capable of acting;
- The beneficiaries want to change the trustees.
We can assist in ensuring that the change of trustees is completed smoothly and will be able to:
- Draft the necessary Deed of Appointment or Retirement;
- Compile identification evidence for the new trustees;
- Liaise with third parties for the updating of the Trust assets;
- Deal with the transfer of land and property into the names of the new trustees;
- Draft the necessary indemnities for the retiring trustees;
- Draft any supporting statements to deal with the removal of trustees.
In certain situations if a trustee has lost mental capacity, then it may be necessary to seek a Court of Protection Order to have the trustee removed. In such a situation we would work with our Elderly, Care & Mental Capacity team to make the necessary applications to the court.
The exact provisions providing the powers for retirement or replacement will depend on the exact details of the situation and we will be able to explore the options with the trustees as to the appropriate provision to be utilised.
If you would like to find out more about a change of trustees, please speak to a member of our team.