Can a founder be a trustee?
Yes, the individual who establishes the trust, often referred to as the founder, settlor, or grantor, can also serve as a trustee.
In fact, it is quite common for the founder to take on the role of a trustee. In many family trusts or small private trusts, it is common for the founder to also act as a trustee. This allows the founder to retain a level of control and involvement in the management of the trust assets. However, it's important to ensure that the trust deed clearly outlines the roles and responsibilities of the trustee and any specific conditions or restrictions related to the founder's role as a trustee.
While the founder can serve as a trustee, it's also common for additional individuals or entities to be appointed as co-trustees to work alongside the founder, providing a collaborative approach to trust administration.
In fact, it is quite common for the founder to take on the role of a trustee. In many family trusts or small private trusts, it is common for the founder to also act as a trustee. This allows the founder to retain a level of control and involvement in the management of the trust assets. However, it's important to ensure that the trust deed clearly outlines the roles and responsibilities of the trustee and any specific conditions or restrictions related to the founder's role as a trustee.
While the founder can serve as a trustee, it's also common for additional individuals or entities to be appointed as co-trustees to work alongside the founder, providing a collaborative approach to trust administration.
Updated on: 08/04/2024
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