Appointment of Trustees

Trusts Discussion
1

I am dealing with an estate where the following apply:

1.HSBC Trust Co UK Ltd (referred to in the will as the “Company”) were appointed as executor and trustee of the will
2. HSBC renounced executorship and disclaimed appointment as trustee
3. Grant was issued to the widow who is the sole beneficiary of the residuary estate
4. The will gives the NRB to the Company on a discretionary trust.
5. The trust assets now need to be dealt with and my question is who can appoint the new trustees to the trust so that the assets can be distributed? Is it the administrator on the grounds she holds the assets in the estate on trust for the beneficiaries?

Jenny Walker
Driver Belcher Solicitors

2

The administrator holds as constructive trustee until a trustee of the trust is appointed. If there is an express power of appointment of trustees in the Will for the nrb trust, that can be used to appoint original trustees of the trust. In the absence of this, it would be necessary to apply to the court to appoint original trustees of the trust.
Always a good idea to get the original sole trustee to appoint new trustees in their place to avoid this problem.

Simon Northcott