There are a number of matters that need to be addressed when the trustees within a Personal Injury Trust change. A Deed of Appointment and Retirement must be drawn up which will state the trustee that is retiring and that the new trustee that is being appointed. The Deed should refer to the original Trust Deed and state what obligations are being passed on to which trustees and whether any property is being transferred. The Deed must then be signed by the retiring trustee and/or the new trustee as well as by the remaining trustees. Once this Deed has been drawn up, there are a number of other matters which must be addressed. The retiring trustee may want an indemnity to be included in the Deed.
If the trustee has funds in investment, savings or current accounts, the relevant banks must be informed of the change of trustee and be provided with a copy of the Deed of Appointment and Retirement. There may also be an additional form which may have to be completed, however this varies between banks.
If the trustee has a property, the register of title will often have to be amended to note the new trustee or to remove a trustee. To check whether an amendment needs to be made, you can request a copy of the register of title from the Land Registry. Applications in order to amend the register of title are generally made using Form TR1, which can be downloaded by visiting the Land Registry website. This form requests details of the retiring and new trustee, such as their name and current address. All trustees named within the register of title, together with the new trustee, must sign this form prior to it being submitted to the Land Registry. The Deed of Appointment and Retirement will also have to be attached together with Form AP1, which can also be found on the Land Registry website. Please note that an applicable fee will be payable.
Once this form has been submitted, you will receive confirmation from the Land Registry that your application has been received. If approved, the Land Registry will then issue the amended register of title reflecting the current trustees.