I am not a solicitor either but my understanding is that a trustee cannot retire to leave one trustee. If there are two and one dies that’s fine (although not if you want to sell a property as someone has mentioned), but one cannot retire to leave one.
I am not sure if there need to be two when establishing a trust (would seem to tie in with not being able to retire to leave one).
Why would you chose to have only one trustee anyway? Even if someone did die and you were left with one I would expect to see someone else appointed fairly quickly. You also need to be careful where a U.K. trustee dies leaving just a non U.K. one (although my understanding on this might be out of date as it’s while since I have come across it).
Sara Spencer ATII TEP | Trust Manager
Sara Spencer Ltd, 8 Kingsway, Harrogate, HG1 5NQ
07952 651881 | 01423 524114
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