Power of Trustees - Power of Maintenance
3 important questions on Power of Trustees - Power of Maintenance
What does the power of maintenance allow the trustees to do with the trust fund under section 31 of the Trustee Act 1925?
Allows trustees to apply the income of the trust fund (include company shares, bank, and building society accounts) for adult life tenants and to minor vested (not conditional) and contingent (conditional) beneficiaries for maintenance, education, or benefit.
What will the beneficiary receive from the trust from the age of 18 onwards under section 31(1)(ii) of the Trustee Act 1925?
Receive all the trust income as and when it arises and the trustees must pay the beneficiary.
What will the beneficiary receive from the trust when satisfying the contingency (e.g. 'on trust for X if they attain 21) under section 31(i)(ii) of the Trustee Act 1925?
Receive trust capital and accumulated income.
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