This is almost irrelevant as you want the Trust to continue in operation until there is some good reason to terminate it. The Certificate Holder has only two rights related to the Trust. First, the Certificate Holder(s) can, under certain circumstances, appoint a new Trustee so you want the Certificate Holder(s) to be "trustworthy" in this regard. Second, the Certificate Holder(s) get the liquidated assets of the Trust in the event that the Trust is terminated. However, most Trusts continue well beyond a single individual's lifetime so the Certificate Holder(s) will probably change several times before the Trust is terminated. A better way to give someone the use of the Trust assets is to sign a contract with him or her to be "Successor Managing Director" with a provision in the contract that they become the "Managing Director" when certain events occur, such as the death or incapacity of the current Managing Directors.
Copyright at Common Law, West El Paso Information Network, 1997