Can I appoint more than one trustee?

Last modified: September 1, 2023
Estimated reading time: 1 min

Yes, you can appoint more than one trustee in Malaysia. Appointing multiple trustees can provide various benefits, such as shared responsibilities, diverse expertise, and checks and balances in the administration of the trust. Here are some key points to consider when appointing multiple trustees:

1. Co-trustees

You can appoint multiple individuals or entities as co-trustees to act jointly in managing the trust assets and carrying out the duties and responsibilities of trusteeship. Each co-trustee will have equal authority and decision-making power unless specified otherwise in the trust instrument.

2. Successor trustees

In addition to co-trustees, you can also name successor trustees to take over the role in case a trustee is unable or unwilling to continue serving. Successor trustees typically come into effect upon the resignation, incapacity, or death of a trustee.

3. Roles and responsibilities

It is important to clearly define the roles and responsibilities of each trustee in the trust instrument. This can include specifying their decision-making powers, voting rights, obligations, and any limitations or restrictions on their authority.

4. Communication and cooperation

Trustees should be able to communicate and work together effectively to ensure the proper administration of the trust. Regular meetings and open communication channels can facilitate collaboration and decision-making among multiple trustees.

5. Trustee’s compensation

If the trust instrument allows for it, trustees may be entitled to reasonable compensation for their services. The terms of trustee remuneration can be specified in the trust instrument or agreed upon by the trustees.

When appointing multiple trustees, it is important to consider individuals or entities who are trustworthy, capable, and aligned with your intentions. It is recommended to consult with a lawyer experienced in trust and estate matters in Malaysia to understand the legal requirements, options, and considerations for appointing multiple trustees in your specific situation.

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