TRUSTS

Question 1

declaring a trust over land must comply with this statutory provision.

This requires that the declaration of a trust must be manifested proved by writing signed by someone who is able to declare

Answer 1

s 53(1)(b) LPA 1925

Question 2

for land to be transferred to a third party trustee, the settlor must execute a DEED

Answer 2

s 52 LPA 1925

Question 3

the requirements of document to ensure ti is a deed

Answer 3

s 1 of the law of property (miscellaneous provisions) act 1989

Question 4

charitable purposes for a purpose trust

Answer 4

s 3(1) Charities Act 2011

Question 5

retirement of a trustee:

the retiring trustee must be replaced by the appointment of a new trustee

Answer 5

s 36 of the TA 1925

Question 6

retirement of a trustee:

this section allows a trustee to retire WITHOUT being replaced, if the conditions are met:

conditions:
there will be 2 trustees or a trust corporation left
the trustee retires by deed
the other trustees consent by deed

Answer 6

s 39 TA 1925

Question 7

Removal or Replacement of a trustee

the court will replace a trustee if it is expedient to do so, and it is otherwise inexpedient, difficult or impractical to appoint without the courts assistance.

Answer 7

s 41 TA 1925

Question 8

removal or replacement of trustee:

this section of an act allows beneficiaries to serve a written direction on a trustee or trustees to retire and appoint the person specified.

Answer 8

s 19 TLATA 1996

Question 9

if two or more trustees are appointed, they will hold legal title to trust property as joint tenants, with the result that if one dies, the legal title will devolve to the surviving trustees

Answer 9

s 18 TA 1925

Question 10

trustees have the power to use income to pay for the maintenance, education and benefit of a beneficiary under the age of 18 years.

cannot use this is there is a life tenant

Answer 10

s 31 TA 1925

Question 11

trustees have the power to pay or apply trust capital early for a beneficiarys advancement or benefit.

Answer 11

s 32 TA 1925

Question 12

a trustee can make any kind of investment that they could make if they were absolutely entitled to the assets of the trust.

Answer 12

s 3 TA 1925

Question 13

when it comes to land, trustees may acquire freehold or leasehold in the UK, if it is for investment, occupation or any other reason

Answer 13

s 8 TA 1925

Question 14

trustees must have regard to the standard investment criteria, stating that the investment must be suitable for the trust, need for diversification,

Answer 14

s 4 TA 1925

Question 15

trustees must obtain and consider PROPER investment advice from someone the trustee reasonably believes to be qualified to give advice

Answer 15

s 5 TA 1925

Question 16

the court has a discretion to relieve trustees from liability, if they acted HONESTLY and REASONABLY, and ought fairly to be excused

Answer 16

s 61 TA 1925

Question 17

a personal claim for breach of trust is a six-year limitation period

Answer 17

s 21 Limitations Act 1980