What is the significance of the trustee Act 2000?
Table of Contents
Trustee Act 2000
|An Act to make fresh provision with respect to investment by trustees and persons having the investment powers of trustees, and by local authorities, and for purposes connected therewith.
|England and Wales
|23 November 2000
What did the trustee Act 2000 replace?
The new power will replace the power in the Trustee Investments Act 1961. Part III (sections 8-10) introduces a new power that will allow trustees to acquire freehold and leasehold land for any purpose. Part IV (sections 11-27) contains a wide range of measures relating to collective delegation by trustees.
What is Section 31 and 32 of the trustee Act 1925?
Sections 31 and 32 TA 1925 respectively set out the trustees’ powers to apply the income and capital of trust property. They are of particular relevance to minor beneficiaries.
What does the trustee Act do?
NSW Trustee means the NSW Trustee and Guardian constituted under the NSW Trustee and Guardian Act 2009. Order includes judgment. Pay into court and payment into court in relation to stocks and securities, include the deposit or transfer of the same in or into court.
What does section 31 of the Trustee Act mean?
31 Power to apply income for maintenance and to accumulate surplus income during a minority.
What is Section 32 of the Trustee Act 1925?
A practice note explaining that section 32 of the Trustee Act 1925 gives trustees a power to apply capital, known as the statutory power of advancement, which applies to beneficiaries with interests in capital and must be applied for the advancement or benefit of the beneficiary.
What are two duties of a trustee?
The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust. Both roles involve duties that are legally required.