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A man died leaving a will by which he left all his estate to three trustees to hold on trust for the four children of his best friend. The children are to inherit at the age of 18. Two of the children have reached the age of 18 and have received their share of the trust fund. The other two children are still under the age of 18. The trust fund comprises a portfolio of shares. One of the trustees has just died.
Which of the following best describes whether it is necessary for a replacement trustee to be appointed?
A. A replacement trustee must be appointed because some of the beneficiaries are still under the age of 18.
B. A replacement trustee must be appointed because three trustees were originally appointed and there are now only two trustees.
C. There is no requirement to appoint a replacement trustee because the trust came into effect after the man’s death and not during his lifetime.
D. There is no requirement to appoint a replacement trustee because there is no land in the trust investments.
E. There is no requirement to appoint a replacement trustee because there are two surviving trustees.
E - There is no requirement to appoint a replacement trustee because there are two surviving trustees.
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