Are trustees and beneficiaries the same?
The beneficiary refers to whoever receives the property that is part of a trust, while the trustee is whoever controls that property and distributes it according to the trust deed..
Can you be a trustee and a beneficiary UK?
Both the settlor and/or beneficiary can be a trustee, however if a beneficiary is a trustee it could lead to a conflict of interest – especially when trustees have the power to decide by how much each beneficiary can benefit.
Can a beneficiary of an irrevocable trust also be a trustee?
As with any other asset protection trust, your sprinkling trust must be irrevocable and you cannot retain control. Moreover, your beneficiary cannot be a trustee. Although legally permissible, the trust assets, in such instances, would become vulnerable to the creditors of your trustee-beneficiary.
Can a beneficiary of a trust also be the trustee?
Yes, a trustee can be one of the beneficiaries of a trust. For example, an individual could set up a trust, appoint themselves as trustee and distribute income to their family. However, a trustee cannot be the sole beneficiary of a trust.