When setting up a bare trust are there any benefits to appointing two trustees, rather than one?
Yes. If a sole trustee dies, or becomes incapacitated, the trust will effectively be ‘frozen’ until a new trustee is appointed.
The trust provisions should set out the process for appointing a new trustee but following this process could be time consuming (and possibly costly) and in extreme circumstances may include a reference to the Court.
Thank you Gerry, that makes a lot of sense.