How many people are required to set up a private trust?

[morag-janet-of-the-hill-family]

At least three 1 principal two trustees and 1 beneficiary (a trustee can also be a principal)

[risingsun]

hey morag…what is the differenence between principal and trustee? cheers

[morag-janet-of-the-hill-family]

The Principal can fire any trustee and has the final say in any decisions. It is the most powerful position in the trust.

[risingsun]

thank you

[E.H.]

I have a 3 people trust. Myself as Trustee and beneficiary and a friend as another beneficiary.

[morag-janet-of-the-hill-family]

It might be better to have two trustees in the mix as well.