Duties,powers,& rights of a trustee - tradecareer

          What are the Duties,powers,& rights of a trustee

 Duties of Trustee (Sec 11 to Sec 22)

Duties of Trustee are as under:

i. Proper execution of the trust as per the directions given in the instrument of the trust(Trust Deed).

ii. Acquaintance(be familiar) with the nature of the trust property, so as to do justicewith the trust and it purpose.

iii. Protect and preserve the trust property.

iv. Not to set up an adverse title.

v. To deal as a man of ordinary prudence would deal with such property as if it were his own.

vi. To convert the property of a wasting nature into that of permanent nature.

vii. To act impartially or in favour of all beneficiaries.

viii. In case of a trust created for several people in succession, if one person is doing something injurious to the trust property, the trustee needs to take preventive steps

ix. To maintain accurate accounts of the trust property and to invest the trust property and funds in the eligible securities.

x. To sell the trust property with authority by the Court.

                                                                  

Powers & Rights of Trustee

Powers of Trustee are as under:

1. Selling the trust property, if allowed by trust deed.

2. To vary or alter investments as per the requirements of the situation, in interest of Beneficiaries.

3. To apply the trust property or income generated from it for the maintenance of the trust property itself.

4. To settle claims unless a contrary intention appears from the instrument of the trust.

5. To give receipt(s) for the money received on account of the trust. In case of death of one of the trustees, the other trustees have a right to act, unless a contrary intention appears from the instrument of the trust.