Changing trustees

Produced by a Tolley Trusts and Inheritance Tax expert

Trusts and Inheritance Tax

Guidance

This guidance note details how and when a trustee can be changed either by retirement or removal and how they can be replaced. It should be read in conjunction with the Appointment of trustees ― legal aspects guidance note, which considers the office and appointment of trustees generally and the Appointment of trustees ― practical considerations guidance note.

Trustees should be appointed and retire by deed. Writing deeds is a reserved legal service under the Legal Services Act and should only be undertaken by someone suitably qualified, such as a lawyer. See the Reserved legal services guidance note for more information.

This guidance note deals with the position in England and Wales only. See Simon’s Taxes I5.8 for details of the provisions affecting Scotland and Northern Ireland.

Death of a trustee

When a trustee dies, the remaining trustees carry on unaffected. Death does not need to be recorded in a deed but it should be noted in any deed appointing a replacement trustee. A copy of the death certificate should be retained by the trustees

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Trusts and Inheritance Tax

Settlor-interested trusts

Settlor-interested trustsWhat is a settlor-interested trust?A settlor-interested trust is one where the person who created the trust, the settlor, has kept for himself some or all of the benefits attaching to the property which he has given away. A straightforward example is where a settlor

14 Jul 2020 13:38 | Produced by Tolley Read more

Value Added Tax

Reverse charge ― buying in services from outside the UK

Reverse charge ― buying in services from outside the UKThis guidance note covers the reverse charge that applies to services that have been bought in from outside the UK. For an overview of VAT and international services more broadly, see the International services ― overview guidance note. For

15 Dec 2020 14:02 | Produced by Tolley Read more

Spring Budget 2024

Employment Tax

Income tax paid on behalf of employee

Income tax paid on behalf of employeeIntroductionEmployers may wish to make payments of employment income to an employee / director without the employee suffering a tax or NIC cost on that pay. In other words, the employer wants to pay an amount net of tax and NIC. In some instances, often with

14 Jul 2020 11:58 | Produced by Tolley in association with Paul Tew Read more

UU��ֱ��