Co-Ownership — Powers, Benefits, Di
Powers of Trustees, Rights of Beneficiaries & Reso
between Parties
Powers and Duties of the Trustees
Trustees (legal) hold legal estate for beneficiaries (equity).
Trustees - 'Manager'.
Fiduciary position - Someone obligated to discharge faithfully, a responsibility of trust to
Must avoid 'self dealing' and 'conflicts of interest'.
Eg., parent to child, lawyer to client.
Trusts of Land and Appointments of Trustees Act 1996
s6(1) - Powers of the absolute owner (Including sale lease, mortgage, etc.
s6(5) - Exercising their powers, trustees have to have regard to rights of beneficiaries.
N.B. Actions which depart from fiduciary duties - Breach of trust.
s11 - Trustees required to consult with beneficiaries and give effect to wishes - So far a
interest of trust.
s13(3) - Trustees may impose 'reasonable' conditions on any beneficiary in occupation
Consent provisions
Express trust may include conditions that trustees need permission from named person
Beneficiaries maintain some control.
Consent provisions need to be protected on Register as restriction.
If trustee were to dispose of property (sale or mortgage) without necessary consent - L
Rights of a Beneficiary
s11(1) - Consultation
(a) Trustee of land has duty to consult with beneficiaries of full age.
(b) Consistent with general interest of trust - Have these rights represented.
N.B. Only relevant where not all beneficiaries are trustees.
s12 - Right to Occupy
Powers of Trustees, Rights of Beneficiaries & Reso
between Parties
Powers and Duties of the Trustees
Trustees (legal) hold legal estate for beneficiaries (equity).
Trustees - 'Manager'.
Fiduciary position - Someone obligated to discharge faithfully, a responsibility of trust to
Must avoid 'self dealing' and 'conflicts of interest'.
Eg., parent to child, lawyer to client.
Trusts of Land and Appointments of Trustees Act 1996
s6(1) - Powers of the absolute owner (Including sale lease, mortgage, etc.
s6(5) - Exercising their powers, trustees have to have regard to rights of beneficiaries.
N.B. Actions which depart from fiduciary duties - Breach of trust.
s11 - Trustees required to consult with beneficiaries and give effect to wishes - So far a
interest of trust.
s13(3) - Trustees may impose 'reasonable' conditions on any beneficiary in occupation
Consent provisions
Express trust may include conditions that trustees need permission from named person
Beneficiaries maintain some control.
Consent provisions need to be protected on Register as restriction.
If trustee were to dispose of property (sale or mortgage) without necessary consent - L
Rights of a Beneficiary
s11(1) - Consultation
(a) Trustee of land has duty to consult with beneficiaries of full age.
(b) Consistent with general interest of trust - Have these rights represented.
N.B. Only relevant where not all beneficiaries are trustees.
s12 - Right to Occupy
