The following Private Client practice note produced in partnership with Peter Murrin of Turcan Connell provides comprehensive and up to date legal information covering:
Trust administration in practise might be informed by:
the type and nature of the trust
the type of trust property held by the trustees
the identity and profile of the intended beneficiaries
how the intended beneficiaries might benefit from the trust property
trustees’ powers and duties
tax considerations; and
Although some trusts will share similar profiles, the shape that a trust administration takes will also depend on who is doing the administration and matters arising for the trustees and, very probably, beneficiaries.
Taking into consideration the above, it is evidently of importance to ensure that beneficiaries are clearly defined and that specific administrative powers which will be required by the trustees are included in the trust deed.
The role of trustee is one which is defined by law and the powers and duties of a trustee are constituted through a combination of applicable law and the terms of a trust deed (and possibly subsequent and ancillary documentation). More comprehensive guidance on the sources of these contributory aspects informing trust administration can be found in Practice Note: Powers and duties of trustees—Scotland.
‘Powers and duties’ relate to the more ‘black letter’ of trust administration; what trustees are empowered to do and where they are restricted. Included among the key administrative duties of trustees are—to consult together prior to exercising discretion—essentially to exchange views and participate
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