| Commentary

61 Power of advancement

| Commentary

61 Power of advancement

Section 32 of the Trustee Act 19251 applies to all settlements unless excluded and allows trustees to pay or apply capital for the advancement or benefit of any person with a vested or presumptive interest in capital. The former limitation, that the amount advanced cannot exceed one-half of that interest, was removed by the Inheritance and Trustees’ Powers Act 2014. Any beneficiary with a prior interest who would be prejudiced by the advancement must consent and the advance must be brought into account on final distribution of the trust fund.

Trust instruments and wills

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