Q&As

Under a trust, do those receiving trust assets have to pay the costs of transferring them?

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Published on LexisPSL on 04/08/2014

The following Private Client Q&A provides comprehensive and up to date legal information covering:

  • Under a trust, do those receiving trust assets have to pay the costs of transferring them?
  • Rights and duties of a trustee in relation to expenses incurred in transferring trust property to a beneficiary
  • Rights and duties of a PR in relation to expenses incurred in transferring bequests to a beneficiary

Under a trust, do those receiving trust assets have to pay the costs of transferring them?

Rights and duties of a trustee in relation to expenses incurred in transferring trust property to a beneficiary

A trustee is under a duty to distribute the trust assets to the correct beneficiaries in the execution of the trust, which includes transferring the legal ownership of the trust assets to the beneficiaries. Any failure to distribute to the correct beneficiary can subject the trustees to liability for breach of trust. The Trustee Act 2000, s 31 provides that trustees then have a right to be indemnified from the trust fund in respect of any expenses properly incurred by them when acting as trustees, in the execution of the trust, which include trustees' fees, investment management fees, legal fees or accounting fees. The Practice Note Termination of

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