The following Private Client Q&A produced in partnership with Lynne Counsell of 9 Stone Buildings provides comprehensive and up to date legal information covering:
The question refers to a life interest trust but the principles are applicable generally to any form of trust, for which the trustees' powers and duties must be considered.
The primary duties of the trustees are to administer and distribute the trust assets in accordance with the lawful directions of the trust (unless the court sanctions a deviation) and to keep and produce accurate accounts of the trust property. The numerous powers and duties of trustees are set out in the Trustee Act 1925 (TA 1925), the Trustee Act 2000 (TA 2000), the Trusts of Land and Appointment of Trustees Act 1996 (TOLATA 1996) and case law.
See generally the Trustees sub-topic, in particular Practice Notes: Trustees—duties and Trustees—introduction to trustee powers.
In the normal course of events, the property would be sold and the proceeds of sale di
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