For a trust to be created there must be a settlor, trustee and beneficiary. One person cannot fulfil all of these roles.
Trustees. It is possible to include either one corporate trustee or up to three individual trustees. A trustee can also be a beneficiary provided that it is not the sole trustee and beneficiary. If there is another trustee, or another beneficiary as well, then it is acceptable. Why? If a trustee is the sole beneficiary then they hold complete legal title and there is no need for a trust.
Beneficiaries. Our platform allows for three beneficiaries to be included. These can either be individual people or companies.
Settlor. Each trust must have one settlor.
This information is of a general nature only and does not constitute professional advice. You must seek professional advice in relation to your particular circumstances before acting.
Updated — Apr 12, 2017