platform.quilter.com Please be aware that calls and electronic communications may be recorded for monitoring, regulatory and training purposes and records are available for at least five years. Quilter is the trading name of Quilter Investment Platform Limited which provides an Individual Savings Account (ISA), Junior ISA ( JISA) and Collective Investment Account (CIA) and Quilter Life & Pensions Limited which provides a Collective Retirement Account (CRA) and Collective Investment Bond (CIB). Quilter Investment Platform Limited and Quilter Life & Pensions Limited are registered in England and Wales under numbers 1680071 and 4163431 respectively. Registered Office at Senator House, 85 Queen Victoria Street, London, EC4V 4AB, United Kingdom. Quilter Investment Platform Limited is authorised and regulated by the Financial Conduct Authority. Quilter Life & Pensions Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Their Financial Services register numbers are 165359 and 207977 respectively. VAT number 386 1301 59. 5962/221-1046/June 2021 Changing a trustee The settlor and trustees cannot usually change or remove a trustee, however trustees may be able to remove another trustee in certain circumstances. A trustee may retire from being a trustee as long as they receive consent from the other trustees and the settlor. Additional trustees will be needed when the retirement of a trustee leaves just one remaining trustee. Some trusts allow the settlor or another nominated person to remove trustees. Are trustees paid for their work? A corporate trustee can receive payment for their duties, however an individual trustee is not normally allowed to make a profit from their duties. The protector Some trusts allow the settlor to appoint a protector. A protector’s powers will be set out in the trust document and usually allow the protector to supervise the actions of the trustees. The protector may also have the power to add or remove trustees. The settlor can also be the protector. The trust The trustees have legal ownership of the trust property, but cannot use it as their own personal property; they can only use it for the benefit of the beneficiaries. The trustees are the legal owners and are entitled to make a claim on any policy included in the trust. The beneficiaries have ‘the equitable or beneficial ownership’, which means that although they cannot make a claim on an assurance policy, they can claim against the trustees in accordance with the terms of the trust. A trustee can also be a beneficiary. The trust The settlor The beneficiaries The trustees (the original owners of the assets) Places their assets in a trust and appoints the trustees (the equitable owners of the trust) Receive the benefits of the trust, from the trustees (the legal owners of the assets) The trustees administer the trust and ensure the benefits are paid to the beneficiaries If you need more information, please contact your financial adviser.