This query relates to a trust in which two former-spouses are trustees of a Bare Trust for their young child.
We have received a letter of authority from another financial firm, signed by one of the Trustees, asking us to provide details of the trust’s assets/plan. We assume this is with the intention of seeking transfer to the other firm.
The second trustee has not signed the LOA and we suspect they would not agree, if asked.
My question is can one trustee request details of the trust assets/plan to be sent to a third party wealth management firm without consent from the other trustee?
I’m aware that trustees need to act unanimously (unless otherwise stated under the trust deed - which is not the case here) but I’m unsure whether this applies to information requests also?
Many thanks.