This is generally considered bad practice.
Some arguments state that they can be, however the trustee MUST show that they have at least considered other beneficiaries (as defined in the pool of beneficiaries) other than themselves. If this is not able to be shown, then it can be argued that a trust arrangement does not actually exist. We always recommend having at least one other person be nominated trustee, appointor or beneficiary in the trust to avoid such situations. We also suggest seeking independent legal, financial or tax advice prior to placing your trust deed order with us as we cannot advise you on your own individual circumstance.
