logo     Home | About Us | Contact Us
round round
search a lawyer
Country:
City:
ACTS, STATUTES
letterboxSubmit Article
loginArticle Login
 
lawyer
Find a Lawyer :
Country :
State :
City :
Category :
 
Home > Business Law > Trust
round round
round round
Trustee Of A Private Trust- Rights And Powers
Please Login to view further pages.
No one is bound to accept a trust as trustee. Instead of accepting a trust,the intended trustee can within a reasonable period disclaim it. Such a disclaimer prevents vesting of the trust property in the trustee. A disclaimer by one of two or more co-trustees vests the trust property in the other or others, and makes him or them sole trustee or trustees from the date of the creation of the trust.
 
However, a trustee who has accepted the trust cannot after wards renounce it except as under.
  1. With the permission of a principal civil court of original jurisdiction.
  2. Consent of the beneficiary if he is of the age of majority, and of soundmind and not disqualified by any law.
  3. By special power in the instrument of the trust.

Equally a trustee cannot generally delegate his duties either to aco-trustee or a stranger. A delegation of duties can be made only, if:

  1. instrument of trust provides for it
  2. delegation is in the regular course of business
  3. the delegation is necessary
  4. the beneficiary,

being a major of some mind consents to the delegation.

ADMINISTRATION OF TRUST PROPERTY BY THE TRUSTEE

  1. The trustee is required to fulfil the purpose of the trust and to obey the directions of the author of the trust unless they have been duly modified by the consent of all the beneficiaries.
  2. In order to do so, the trustee has to acquaint himself as soon as possible, with the nature and circumstances of the trust property and where necessary he is also required to transfer the trust property to himself. He may also reclaim the trust money, invested on insufficient or hazardous security.
  3. A trustee has to protect the trust property.
  4. In the absence of a contract a trustee is not liable for the loss,destruction or deterioration of the trust property if in the exercise ofhis duties he has extended due care as a man of ordinary prudence.
  5. A trustee is required to keep clear and accurate accounts of the trust property and is also bound to furnish the beneficiaries at their requestfull and accurate information as to amount and state of the trust property.
  6. Where the trust property consists of money and cannot be applied immediately or at an early date to the purpose of the trust the trustee is bound to invest the money on certain government securities prescribed bythe Indian Trusts Act.
  7. A trustee can apply to the court for its opinion, advice, or direction onissues regarding the management of the trust property if such issues can be adjudicated by the court in a short hearing.
privious continue


round round
round round
 
round round
Creation and Functioning of Trust
Private,Public and Religious Trusts
Private Trust
Trustee/Beneficiary Of A Private Trust
Modes Of Creating A Private Trust
Trust Property
Trustee Of A Private Trust- Rights And Powers
Breach Of Trust
Reimbursement of Expenses And Over-Payment
Removal of The Trustee
Transfer Of Trust Property By The Beneficiary
Documents And Accounts Of Trust Property
Discharge Of A Trustee
Appointment Of A New Trustee
Extinction & Revocation Of Trusts
Public, Charitable and Religious Trusts
Religious Trusts
Wakf
Tax Exemptions
Incomes Not Exempted
Personal Phone Legal conference
Discuss your legal concerns from anywhere in the world in person, on phone

Click here for appointment
Property / Real Estate
Legal verified real estate. Choose from our list of properties with clear title.

Search property
Home | Legal Enquiry | India Lawyers | Law Firms Lawyers | Add Lawyer Listing | Recommend to Friends | Contact Us
© copyright 2008-2009, Helplinelaw.com Terms of USE
This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Persons accessing this site are encouraged to seek independent counsel for advice in India   abroad regarding their individual legal, civil   criminal issues or consult one of the experts online.