Trustee Duties: Investment Flashcards
1
Q
Can trustees purchase land for beneficiaries?
A
S8 of the Trustee Act 2000 permits trustees to purchase freehold or leasehold land in the UK for occupation by a beneficiary but s8 involves the exercise of a discretion so it is up to the trustees to decide whether or not to invest trust money in this way
Beneficiaries cannot control trustees’ discretions
2
Q
Can trustees loan money to beneficiaries?
A
They can only do so for the beneficiary to buy a house, provided they obtain a mortgage over the borrower’s land