Hi All
I am dealing with a trust whereby I am struggling to identify how new trustees can be appointed, or if they are already appointed. The trust is an ongoing right of occupation created in the Will of the deceased (D).
Two people (A and B) were specifically appointed as executors and trustees in the Will. A died before D, and B renounced as executor and specifically disclaimed as trustee by deed, leaving no trustees of the trust. One of the residuary beneficiaries and the occupier took the Letters of Administration.
It doesn’t appear to me that section 36 of the Trustee Act 1925 can be engaged as there does not appear to be anybody nominated for the purpose of appointing new trustees in the Will, nor is there a continuing/surviving trustee (or their PRs) who can do so.
Therefore, the only option I can see is that the Court would need to appoint a new trustee under section 41 of the Trustee Act 1925. Practical Law seems to suggest the same.
Any suggestions as to an alternative solution, or do forum members agree with me?
Joe Pegler
Chattertons Solicitors