Can a trust have multiple corporate trustees?

Since the Trust has no legal personhood, the trustee will operate the Trust in their own name. If two Trusts with the same corporate trustee seek to have a legally binding contract, the corporate trustee is essentially required to make a contract with themselves.

Can a trust protector be a relative?

Technically, anyone can serve as a trust protector; however, it is a good idea to appoint an independent third party rather than a family member or a beneficiary. A lawyer or accountant may be a good choice. There are also companies that provide trust protector services.

What is the difference between a trustee and a trust protector?

The trust protector’s role, in essence, is to supervise the trustee. If there is a trust protector, then they are appointed by the settlor typically with the trustee. The trustee is given an array of responsibility and power as well. The trust protectors’ job is to protect beneficiaries from trustees.

Who is the trustee of a business trust?

Trust A trust is a structure where a trustee carries out the business on behalf of the trust’s members (or beneficiaries). A trust is not a separate legal entity. A trustee may be an individual or a company.

How does a trust work for a family business?

Trusts are a common structure choice for family businesses as it enables the various family members to become beneficiaries of the Trust that is operating the business. While the trust is not a separate legal entity it is a separate entity for tax purposes.

What are the characteristics of a business trust?

The Supreme Court has identified six attributes of a business trust: 1 Created and maintained for a business purpose 2 The trustee holds title to the assets 3 Centralized management 4 Continuity exists uninterrupted by the death of a beneficiary 5 Beneficiaries can freely transfer interests 6 Limited liability More

Can a trust be a separate legal entity?

A trust is a structure where a trustee carries out the business on behalf of the trust’s members (or beneficiaries). A trust is not a separate legal entity.