Q&As

Where there are only two trustees of a settlement and one resigns due to a conflict, what administrative powers does the remaining trustee hold?

read titleRead full title
Published on LexisPSL on 16/12/2016

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

  • Where there are only two trustees of a settlement and one resigns due to a conflict, what administrative powers does the remaining trustee hold?
  • Powers of a sole trustee
  • Resignation of trustee
  • Appointment of additional trustee

Where there are only two trustees of a settlement and one resigns due to a conflict, what administrative powers does the remaining trustee hold?

Powers of a sole trustee

Trustees have a range of powers conferred on them by the Trustee Act 1925 (TA 1925), the Trusts of Land and Appointment of Trustees Act 1996 (TOLATA 1996) and the Trustee Act 2000 (TrA 2000), including administrative powers such as the statutory power of investment. General trust law provides that trustees can act in relation to the settlement property as if they were the absolute beneficial owner, while always having regard to their fiduciary duty of care to the beneficiaries of the trust. Additionally, the trustees may be given express powers in the trust instrument.

However, subject to the provisions in the trust documentation, there are certain acts where more than one trustee is required. For example, at least two trustees or a trust corporation are required to give a valid receipt for the proceeds of sale of land (section 27(2) of the Law of Property Act

Related documents:

Popular documents