Individuals pose risks as trustees
A recent court case highlights the dangers of not using a corporate trustee.
Wednesday, February 25th 2004, 7:15AM
by The Landlord
"Often people appoint their lawyer or their accountant as a trustee and then they fall out, or change them for whatever reason," he says.
"If a trust owns several properties and you change the trustees, you have to change the title deeds and the costs can run into several thousand dollars."
The alternative to this is to set up a company, which then acts as the trustee, and directors are appointed to that company who would otherwise be appointed as trustees.
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