Trustee Act 1925 Flashcards
s.36
The person nominated in the trust instrument for appointing trustees, or if not, the remaining Trustee(s)/the PR of the last surviving Trustee can, by writing:
(1) Appoint a new Trustee in substitution, if a Trustee is:
- dead
- out of the U.K. For a year
- refuses to act
- unfit to act
- incapable of acting; or
- an infant
(6) Appoint additional trustees (only if not more than 3 Trustees)
s.40
Property automatically vests in the Trustee
s.41
The court will only appoint Trustees where it is inexpedient, difficult or impracticable for the appointment to be made without the court
s.39
A trustee can retire without replacement if:
There are at least two trustees remaining
He declares his discharge by deed; and
The other trustees consent by deed
s.32
Advancement - any use of money which will improve the Beneficiary’s material situation (Pilkington)
Trustees have the power to advance in their absolute discretion
- which now under s.9 Inheritance and Trustees’ Powers Act 2014 are allowed to advance the full amount
- is brought in account as part of such share; and
- does not prejudice beneficiaries with prior interest (unless of full age and gives consent in writing)
Beneficiary’s estate need not repay any advancement of Beneficiary dies before reaching contingency age
If trustees doubt intentions of the parents they should apply the money directly to the cause
s.31
If beneficiary under 18 can pay whole or part of trust income to parents towards beneficiary’s maintenance, education or benefit. Applicable only if there are no prior life interests
s.25(1) and (2)
Can appoint an attorney to act as an alterego for up to 12 months
s.25(4)
must gove written notice to the other trustees of delegation within 7 days
s.25(7)
Trustees are viariously liable for attorney’s acts