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
15 - Duties and powers of trustees
- 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
trustees owe a duty of care to the beneficiaries both under common law and under statute;
trustees have a duty to provide the beneficiaries certain information including accounts;
the beneficiaries have no inherent right to disclosure of the trust documents;
disclosure of trust documents lies with the court’s discretion;
trustees have a duty to preserve and maximise trust assets;
the trustees’ power to invest is governed by the Trustee Act 2000;
trustees can delegate their powers to others but will remain liable unless the delegation complies with the general duty of care;
certain duties of a trustee can never be delegated such as the exercise of a trustee’s discretion;
trustees have the power to advance income to infant beneficiaries for their maintenance and to all beneficiaries with a vested interest; and
trustees have the power to advance capital to all beneficiaries if they can prove it is for their benefit.
Introduction: the office of trustee
The office of trustee carries with it a wide range of duties. Overriding all duties and powers of a trustee is the duty to carry out the terms of the trust and to act in the beneficiaries’ best interests at all times. The duties of a trustee must be carried out with care because failure to carry out a duty may make the trustee personally liable in an action for breach of trust.
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- A Student's Guide to Equity and Trusts , pp. 238 - 262Publisher: Cambridge University PressPrint publication year: 2012