This is an extract of our Trust Law Powers Of Trustees document, which we sell as part of our Equity/ Trust Law: (creation and administration of trusts) Notes collection written by the top tier of University College Dublin students.
The following is a more accessble plain text extract of the PDF sample above, taken from our Equity/ Trust Law: (creation and administration of trusts) Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
Refers to the power in trustees to apply the income of trust property towards the maintenance of a beneficiary who is a minor or whose interest is still contingent
May be necessary to use the income of the trust for their benefit before the interest actually vests - don't have to wait until the contingency occurs.
Will be most apposite where the income is necessary for their maintenance, education or benefit.
Where income is required in this way, they can invoke a statutory or express to the contrary - power of maintenance
Court has both an inherent AND statutory jurisdiction to order provision:
Modern trusts will usually give trustees express power and the extent of the power,
where one is expressed - to be determined in accordance w the instrument
These can be expressly or impliedly excluded by the deed
CONVEYANCING ACT 1881
S 42The trustees may apply at discretion any income which, in the exercise of such discretion,
they deem proper, according to the infant's age, for his or her maintenance, education and benefit, or pay thereout any money to the infant's parent or guardian to be applied for the same purposesThis power of maintenance applies only to income from land in which a minor has an interest
S 43Where any property is held on trust for an infant the trustees may pay to their parents or otherwise or otherwise apply for or towards - education, maintenance or benefit using the income of that propertyThis power applies only to a minor entitled for life or any greater interest in property and whether absolutely or contingently on attaining 18 or upon the occurrence of some event before that age.Shall accumulate the residue of that income and hold the accumulations for the benefit of the person who ultimately becomes entitled to the property which the income arose from.Unless a contrary intention is expressed in the trust document.
Buy the full version of these notes or essay plans and more in our Equity/ Trust Law: (creation and administration of trusts) Notes.