Trustees’ Powers and Duties

Current project status

• Initiation: Could include discussing scope and terms of reference with lead Government Department
• Pre-consultation: Could include approaching interest groups and specialists, producing scoping and issues papers, finalising terms of project
• Consultation: Likely to include consultation events and paper, making provisional proposals for comment
• Policy development: Will include analysis of consultation responses. Could include further issues papers and consultation on draft Bill
• Reported: Usually recommendations for law reform but can be advice to government, scoping report or other recommendations

This project is complete. Our recommendations were implemented by the Trustee Act 2000 (c29)

The aim of this project was to review the law governing trustees’ powers to invest trust funds in default of the inclusion of express powers of investment in the will or trust instrument, and to consider, for England and Wales, a range of reforms, intended to facilitate more effective trust administration, including:

• collective delegation by trustees
• the use of nominees and custodians
• powers of insurance, and
• remuneration of professional trustees.

This was a joint project with the Scottish Law Commission.