However, in most modern Trusts, the Settlor is simply the person who sets up the Trust and then has no other important powers. In the event that Mirror Trusts were established, then the owner of the assets will always be the Settlor of his or her own Trust. The Trustees are effectively the policemen or referees of the Trust. The Trustees are usually those people who own the assets that have been transferred into the Trust. By becoming a Trustee, you effectively control the administration of the Trust yourself and hence you have a degree of control and guidance over your original assets.
Most Trusts have two or more Trustees.
There is constant debate within the legal profession about the number of Trustees a trust should have. From a purely legal perspective, you could get away with having just one Trustee. If you establish a simple discretionary Trust, we believe it is acceptable for our clients to have two Trustees administer the Trust. The beneficiaries are the individuals who benefit from the Trust. They will normally do so entirely at the Trustees discretion.