Legal Question in Wills and Trusts in United Kingdom

21.04.2012

Dear Madam,

Paragraph 5 of Section 10 of the standard Provisions of the Society of Trust and Estate Practitioners (1st Edition) ceases to exist.

Section 11 regarding Trustee Remuneration can be omitted in so long as the managing trustees undertake to manage all the Trust's administration, accounts and audit on their own. Else, as per the provisions of Section 11(1), a solicitor or a professional Accountant firm (like me) who is engaged in business and is appointed as a Professional Trustee by the Executor of the Trust to render service(s) is entitled to charge the Trust for services rendered.

The Executor Trustee(s) will act on behalf of all the other Trustees. As per the provisions of Section 12(1) the Executor Trustee(s) are liable to all the other trustees for any loss that was caused as a result of their willful misconduct, fraud or negligence.

Section 3(21) gives ancillary powers to all the Trustees who may by deed release any of their powers wholly or in part in favour of other present or future trustees. As trustees, your husband and your siblings have access to the Trust Fund accounts as well as a valid say in the administration of the Trust.

Please discuss the above with your father-in-law and revert.

You can directly mail me for further on-line legal advice at [email protected]

Regards,