Who are the trustees?
For funds with 2-4 members, all members are required to be either trustees or directors of the trustee company. No other person can be either a trustee or a director.
For single member funds, the options are:
- The member and another person (not an employer) act as the trustees of the fund, or
- The member is the sole director of the trustee company, or
- The member and another person (not an employer) act as the directors of the trustee company.
A member's legal personal representative can act as trustee if the member is under a legal disability, for example being under the age of 18 years, or if the representative holds an enduring power of attorney.