Administration of trusts

Administration of trusts guidance:

Increasingly, UK trustees hold foreign assets as part of trust property. This may be because: • they have been put into trust by the original settlor • they form part of...

Practice Note

Powers to invest Trustees' powers to administer a trust are set out in statute, mainly the Trustee Act 1925 and the Trustee Act 2000 (TrA 2000) as supplemented by the...

Practice Note

Commercial property Commercial property is that which is intended to produce a financial return for its owner by being used or occupied by businesses. That return can...

Practice Note

Before purchasing a residential property trustees should instruct a surveyor to carry out a valuation and building survey. The surveyor should be a member of the Royal...

Practice Note

STOP PRESS: The Agriculture Bill introduced on 16 January 2020 has set out how farmers and land managers in England will in the future be rewarded with public money for...

Practice Note

Letting of agricultural land Agricultural tenancies The Agricultural Tenancies Act 1995 (ATA 1995) introduced farm business tenancies (FBTs) to replace the old-style...

Practice Note

This Deed of Appointment is made on [date] by [trustees] of [addresses] (the Trustees) Background (A) This Deed is supplemental to a trust dated [date] and made between...

Precedents

This Deed of appointment is made on [date] by [trustees] of [addresses] (the Trustees) Background (A) This deed is supplemental to [the Will of [testator] late of...

Precedents

This DEED OF Release is made on [date] Parties 1 [Life Tenant] of [address] (the Life Tenant); 2 [trustee] of [address] and [trustee] of [address] (the Trustees)....

Precedents

This deed of indemnity is made on [date] Parties 1 [beneficiaries] of [addresses] (the Beneficiaries) and 2 [trustees] of [addresses] (the Trustees) Background (A) The...

Precedents

This Practice Note explains the phenomenon of ‘cryptoassets’, namely assets which are issued using distributed ledger technology, alternatively known as blockchain...

Practice Note

[name] Trust TRUSTEE RESOLUTION 1 We [trustee] of [address] and [trustee] of [address] are the present trustees of the trust dated [date] and made between [parties] (the...

Precedents

FORTHCOMING CHANGE: The fifth anti-money laundering directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force on 9 July 2018. The...

Practice Note

Appropriation is a process by which a personal representative or a trustee uses a specific asset in the estate or trust fund, to meet in full or in part, a beneficiary’s...

Practice Note

This TRUSTEE Power of Attorney is made on [date] by [trustee] of [address] (the Donor). Background (A) The Donor and [co trustees] are the present trustees of [trust...

Precedents

In Public Trustee v Cooper, the English High Court recognised that it had the jurisdiction to bless the ‘momentous decision’ of a trustee, thus protecting the decision...

Practice Note

The meaning of words commonly found in Private Client drafting and legislation which are intended to refer to children can differ depending on the context. This Practice...

Practice Note

Trustees' powers As trusts can arise by operation of law as well as by way of express trusts, the law must provide implied powers to enable trustees to carry out their...

Practice Note

STOP PRESS: On 11 March 2020, the Court of Appeal issued a judgment allowing both appeals in the Dawson-Damer v Taylor Wessing LLP case as to (1) whether Taylor Wessing...

Practice Note

STOP PRESS: On 11 March 2020, the Court of Appeal issued a judgment allowing both appeals in the Dawson-Damer v Taylor Wessing LLP case as to (1) whether Taylor Wessing...

Practice Note

Nature of duties The difference between a duty and a power is: • the performance of a duty is obligatory • powers are to a greater or lesser degree discretionary in...

Practice Note

Nature of powers A trustee's powers may be either: • administrative, ie powers relating to prudent management in the discharge of the trustee's duty to maintain the trust...

Practice Note

Where a beneficiary either: • is a minor (ie under the age of 18) and unmarried or • has attained majority or has married under that date but is required by the terms of...

Practice Note

The self-dealing rule The self-dealing rule is connected to, but distinct from, the fair dealing rule as well as the genuine transaction rule. There is authority that the...

Practice Note

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...

Practice Note

General law The original trust fund For a settlement to be effective it needs property to be subject to the trusts. When a settlement is created the initial trust fund...

Practice Note

General investment power The powers possessed by trustees to administer a trust effectively emanate from statute, mainly the Trustee Act 1925 (TA 1925) and the Trustee...

Practice Note

FORTHCOMING CHANGE: The EU Fifth Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force on 9 July 2018. The...

Practice Note

FORTHCOMING CHANGE: The EU Fifth Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force on 9 July 2018. The...

Practice Note
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