Trustee Act2000

Question 1

Trustees can delegate delegate functions to agents

Answer 1

s.11

Question 2

A beneficiary cannot be appointed as an agent (even if also a trustee)

Answer 2

s.12

Question 3

Agents appointed under s.11 are subject to the usual conditions attached to such powers

Answer 3

s.13

Question 4

Trustees can delegate asset management functions, but note special restrictions

Answer 4

s.15

Question 5

Trustees may appoint and vest trust property in nominees

Answer 5

s.16

Question 6

Trustee must review the performance of agents

Answer 6

s.22

Question 7

Trustees can pay reasonable remuneration out of the trust funds

Answer 7

s.32

Question 8

Liability of agents

Answer 8

Trustees may be able to sue in negligence or breach of contract and hold damage son trust for beneficiaries

Question 9

Liability of trustees

Answer 9

Not vicariously liable for their agents breaches unless they have breached their own duty of care regarding selection and review of the agents

Question 10

Provision for remuneration in the trust instrument

Answer 10

s.28(1)

Question 11

Trustees act in a professional manner re management / administration of the trust

Answer 11

S.28(5)

Question 12

Trust corporation can charge reasonable remuneration even though it is a sole trustee

Answer 12

s.29(1)

Question 13

Trustee who is nots trust corporation can charge fees only if all the other trustees agree in writing

Answer 13

s.29(2)

Question 14

Reasonable remuneration = nature of services and attributes of trustees

Answer 14

s.29(3)

Question 15

Trustees recover out of pocket expenses from trust fund

Answer 15

s.31(1)(a)

Question 16

Duty of care - investment and delegation duties

Answer 16

s.1

Question 17

S.4

Answer 17

Suitability and need for diversification

Question 18

S.5

Answer 18

Advice taken before investing