Book contents
- Frontmatter
- Contents
- Preface
- 1 Historical introduction
- 2 Equitable remedies
- 3 The classification of trusts and powers
- 4 The three certainties
- 5 Constitution of trusts
- 6 Formalities for the creation of a trust
- 7 Private purpose trusts
- 8 Unincorporated associations
- 9 Resulting trusts
- 10 Constructive trusts
- 11 Trusts of the family home
- 12 Secret trusts and mutual wills
- 13 Charities; the Charities Act and the rules of cy près
- 14 Trustees: appointment, retirement and capacity
- 15 Duties and powers of trustees
- 16 Variation of trusts
- 17 Fiduciary duties and breach of fiduciary duties
- 18 Breach of trust and defences to breach of trust
- 19 Remedies against strangers to a trust
- 20 Tracing
- Index
14 - Trustees: appointment, retirement and capacity
- Frontmatter
- Contents
- Preface
- 1 Historical introduction
- 2 Equitable remedies
- 3 The classification of trusts and powers
- 4 The three certainties
- 5 Constitution of trusts
- 6 Formalities for the creation of a trust
- 7 Private purpose trusts
- 8 Unincorporated associations
- 9 Resulting trusts
- 10 Constructive trusts
- 11 Trusts of the family home
- 12 Secret trusts and mutual wills
- 13 Charities; the Charities Act and the rules of cy près
- 14 Trustees: appointment, retirement and capacity
- 15 Duties and powers of trustees
- 16 Variation of trusts
- 17 Fiduciary duties and breach of fiduciary duties
- 18 Breach of trust and defences to breach of trust
- 19 Remedies against strangers to a trust
- 20 Tracing
- Index
Summary
Key points
the settlor can expressly appoint trustees either to an inter vivos trust or under a will;
a maximum of four trustees can be trustees of land;
there is no limit to how many people can act as trustees of personalty;
the Trustee Act 1925 s.36 provides for the retirement and removal of trustees and the appointment of a new trustee;
the Trustee Act 1925 s.39 provides for the retirement of trustees without replacement;
trustees are not generally paid but exceptionally a trustee can be paid; and
the Trustee Act 2000 provides for some limited payment and payment can be made in other limited circumstances.
Creation of the trust
A trust requires at least one trustee to hold the legal title to the property of the trust. When a settlor creates a trust during his lifetime the first trustees will be named in the trust instrument. He may even choose to appoint himself as a trustee in which case there is no necessity to transfer the assets of the trust as these are held already in his name.
- Type
- Chapter
- Information
- A Student's Guide to Equity and Trusts , pp. 221 - 237Publisher: Cambridge University PressPrint publication year: 2012