What Happens if I do not Appoint a 2nd Leading Member, and the 1st Leading Member Passes Away Suddenly?

It is important to provide not only a 2nd Leading Member but also a 3rd Leading Member.

The deed provides the following:

“When the Leading Member no longer has legal or mental capacity or dies, the next Leading Member is the person nominated in this Deed. If no successor Leading Member is nominated, it is to be the person previously nominated in writing by the Leading Member as the successor Leading Member and if no such nomination, the eldest blood child of the Leading Member who is a Member of the Fund is to become Leading Member and if none, the Member the Trustee so appoints. This Deed may provide further successor Leading Members and these are to have primary effect before any written nomination by the current Leading Member.”

Please be advised this is general information only, and is not to be taken as legal advice. If you would like more information, or have a legal query, please contact Abbott & Mourly directly.
Reviewed: 17/01/2024