I am instructed in relation to a trust established to benefit several minor beneficiaries.
The trust deed states that the power to appoint new trustees vests in the Settlor during the trust period. The Settlors no longer wish to be involved in the ongoing administration of the trust and would like to vest this authority in the trustees (who are different to the Settlors).
The trust deed gives the trustees the authority to amend or add to the administrative provisions of the Trust. The deed is drafted so that there is a seperate part headed as “Part 2- Administrative Provisions”. The Settlor’s authority is in an earlier part of the deed.
Can the settlors and trustees add to the administrative provisions to include the power for the trustees to appoint new trustees going forward?
Allan Janes LLP