Administration of Trusts

Overview The obligations on trustees are onerous and exacting.  They require the utmost integrity and honesty.  The scenarios that arise in the administration of trusts can be complex and leave the trustee with difficult choices between the competing needs and interests of various beneficiaries.… Read the rest

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Initial Duties The initial duties of the trustees are to ascertain the extent and nature of the trust property and to understand the terms of the trust document.  The trustees must take charge and control of the trust assets. … Read the rest

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Office of Trustee and Appointment The first trustee is usually appointed by the settlor., in the case of a lifetime trust or by the testator in the case of a trust created by the will.  The settlor transfers the assets to the trustees for the purpose of holding them under the terms of the trust.… Read the rest

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Trustee Powers A well-drawn trust instrument should contain the necessary and appropriate trustee powers.  In the absence of instrument conferring power, recourse must be had to implied powers. The implied powers available in the Republic of Ireland are extremely narrow and are still largely based on nineteenth-century legislation.… Read the rest

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Regulator of Charities The 2009 Charities Act established the Charities Regulatory Authority.  The functions of the pre-existing Commissioners of Charitable Donations and Bequests were transferred to the Charities Regulatory Authority.  The former Commissioners played a function in relation to receipt of charitable gifts in wills and otherwise and made applications to Court to reorganise charitable gifts to which direct effect could not be given.… Read the rest

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Breach of trust A trustee may be held personally liable for breach of his duties as trustee and breach of the terms of the trust deed or the will trust.  The breach may happen without fault on the trustee’s part. … Read the rest

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