Duties of Trustees - Delegation - Collective delegation by all the trustees
3 important questions on Duties of Trustees - Delegation - Collective delegation by all the trustees
Explain collective delegation? Which Act is collective delegation covered by?
Collective delegation is where trustees delegate certain functions. For example, the trustee could employ a financial consultant to deal with trust investments. Covered by the Trustee Act 2000.
What functions can the trustee delegate and what fucntions are considered inappropriate?
The trustee can delegate functions that relate to the administration of the trust but not discretions that involve the distribution of trust capital or income among beneficiaries.
How can trustees be held liable for the defaults of their agents under section 23 Trustee Act 2000?
The beneficiaries must prove that the trustees breached their duty of care when carrying out their duties to review their agent under section 22 as well as causing loss to the trust.
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