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Equity gives certain powers and duties to trustees to enable the trust to be implemented in a forthright manner.
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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Dermot is one of the trustees to a family trust. Equity gives certain powers and duties to trustees to enable the trust to be implemented in a forthright manner. The trustee's job is to be concerned not only with benefiting the beneficiaries, but also to make sure that the wishes expressed by the testator are carried out correctly. A trust created by deed of settlement or will, will generally give wide powers of implementation to the trustees and will almost certainly have been drafted with tax purposes in mind. The trustees job involves not only covering their duties within the terms of the trust, but also to show discretion when deciding different situations. The powers and duties will vary from trust to trust, such as whether the trustees are to accumulate or distribute the income. Most of the powers now available to trustees are laid down under statutory provision in the TIA...
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