Duties of trustees-trusts laws and accounts, Financial Accounting

Assignment Help:

DUTIES OF TRUSTEES

1) Not to profit from the trust:
A trustee may not receive remuneration except: By order of the court, if the trust is very onerous or the services of the trustee very valuable; Under authority in the trust instrument.

 2) To keep and audit accounts:
 Trustees must keep accounts and produce them to any beneficiary together with all reasonable information as to the financial position of the trust. The trustee may have the accounts audited by an independent accountant, but not more than once every three years, unless the nature of the trust makes more frequent audits reasonable S.23.

3) To observe terms of trust:
 Trustees must comply with the trust instrument and the rules of equity; they need not consult the beneficiaries or take instructions from them; but they may not depart from the terms of the trust unless authorised by the court


Related Discussions:- Duties of trustees-trusts laws and accounts

Management and operational control, Management and operational control: Co...

Management and operational control: Cost of goods sold and gross margin analysis, profit as net income analysis, operating expense analysis, contribution analysis and analysis of

What is recapitalization, Q. What is Recapitalization? Recapitalization...

Q. What is Recapitalization? Recapitalization - An internal reorganization of a corporation including a rearrangement of capital structure by changing the kind of stock or numb

Case Study, I have a case study due in one of my classes. There are 3 pages...

I have a case study due in one of my classes. There are 3 pages of information about the company in the case, and there are 12 questions I must complete. Each question is basically

FDD , fimnancial accounting system

fimnancial accounting system

Resolutions of creditors-bankruptcy, RESOLUTIONS OF CREDITORS Normally,...

RESOLUTIONS OF CREDITORS Normally, decisions at meetings of creditors are taken by ordinary resolution, viz., a resolution passed by a simple majority in value of creditors pre

What is the double taxation issue with corporation profits?, An intersting ...

An intersting point to not is that there is a difference in the tax treatment of income from Limitied Liability Companies (LLCs) and Corporations. What is this difference and what

What you understand by the term gender budgeting, Question 1: (a) "MT...

Question 1: (a) "MTEF is about resource control, resource allocation and resource utilization." You are required to identify and discuss the different stages of MTEF. (N

Calculate return on assets, Select two of the following firms: Dole Foods,...

Select two of the following firms: Dole Foods, Campbell Soup, Hershey and Dr. Pepper Snapple. Use the 10-K, annual report and other information to answer the following questions.

Course Project writing notes for a fictitious annual report, Do you anyone ...

Do you anyone on staff with the above experience? Notes cannot be copied from any real company''s financial report.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd