Trustees’ powers and duties

Produced by a Tolley Trusts and Inheritance Tax expert

Trusts and Inheritance Tax

Guidance

This guidance note provides an outline of the main trustee powers and duties. Some of these are set down in statute as well as having evolved through case law, others will be provided for in the deed. The purpose of this note is to give tax advisers an outline of these powers and duties so that they are able to guide their clients who are trustees. If there is any doubt as to whether a trustee has the power to perform an action or is unclear as to their duties then the trustee should take legal advice. The cost of getting it wrong and acting outside of their powers or not performing a legal duty is personal liability for any loss. This can be significant.

Trustee powers are the discretionary or optional actions which the trustees may take for the purpose of maintaining the trust and its assets and supporting beneficiaries. Duties refers to the obligations placed upon trustees which they must observe in carrying out their role.

This guidance note deals

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