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PLEASE NOTE: This article was published on the date listed below and may now contain information that has since been updated or changed. We have retained this article as it may still contain helpful comments. However, we advise you to make an appointment to see us for the most up to date information on this topic.

November 2009

Trustee Embarrassment

If your Trust is to enter into any contract or propose an action involving its assets avoid embarrassment by first involving all Trustees in the proposal.
Almost all Family and Trading Trusts require the unanimous consent of all Trustees.

Should one or more Trustees decline to consent to the proposal it is best to find out before making a commitment which the Trust does not have the legal authority to follow through on.