Trustees—statutory powers of trustees

The following Private Client practice note provides comprehensive and up to date legal information covering:

  • Trustees—statutory powers of trustees
  • Source and availability
  • Sources
  • Available powers
  • Power of the court to authorise dealings with trust property
  • Powers of maintenance
  • Powers of advancement
  • Statutory powers of investment
  • Agents, nominees and custodians
  • Collective delegation
  • More...

Trustees—statutory powers of trustees

Source and availability

Sources

Trustees have certain powers conferred on them by statute, in particular by the Trustee Act 1925 (TA 1925) and the Trustee Act 2000 (TrA 2000).

Available powers

The powers conferred on trustees by TA 1925 and TrA 2000 include the following:

  1. where a trustee has a duty or power to sell property, they may sell or concur with any other person in selling all or any part of the property, whether subject to prior charges or not and either together or in lots, by public auction or by private contract, subject to any such conditions respecting title or evidence of title or other matters as the trustee thinks fit with power to vary any contract for sale, and to buy in at any auction or to rescind any contract for sale and to resell, without being answerable for any loss

  2. where trustees are authorised by the instrument creating the trust or by law to pay or apply capital money subject to the trust for any purpose or in any manner, they will have the power to raise the money required by sale, conversion, calling in or mortgage of all or any part of the trust property for the time being in possession

  3. the power to insure any property subject to the trust against risks of loss or damage due to any

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