Trustee Act (Northern Ireland) 2001: explanatory notes Chapter 14

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Corporate Author:

Northern Ireland

Publisher:

TSO (The Stationery Office)

The law governing the powers and duties of trustees has not kept pace with social, economic and technological development, particularly with changes in the conduct of investment business. Trustees working under trust documents that make no, or no sufficient, provision for handling trust investments have faced obstacles in the way of satisfying that fundamental obligation. The core feature of the Act is a wider power of investment (unless the trust instruments excludes it), complemented by new powers to appoint agents, nominees and custodians, to purchase land, to insure trust property, and to pay professional trustees. These new powers are overseen by a statutory duty of care.