Duties of trustees-trusts laws and accounts, Financial Accounting

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

Posted Date: 12/15/2012 12:06:06 AM | Location : United States







Related Discussions:- Duties of trustees-trusts laws and accounts, Assignment Help, Ask Question on Duties of trustees-trusts laws and accounts, Get Answer, Expert's Help, Duties of trustees-trusts laws and accounts Discussions

Write discussion on Duties of trustees-trusts laws and accounts
Your posts are moderated
Related Questions
Illustration of Pre-Aquisition H Ltd.. Acquired 80% of S Ltd. during the year ended 31/12/04.  S Ltd. paid an interim dividend of  40,000 on 30th September and as at 31/12/04 h

Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a

assets&what are the different type of asset

For this question you will use the dataset "murder.xls", which includes: • rate = Murder rate per 100,000 • convictions = Number of convictions divided by number of murders • execu

speciman of accounts preparation in stock and debtor system.

SF is a division of Sell.com, an internet retailer. SF operates two large server farms, each of which is a set of interconnected computers and hard drives that are used to process

Introduction to Pension funds Pension funds are normally set up to provide pension benefits to employees who have retired. The pension funds receive contributions mainly from e

During 2014, Victoria’s Fashion had beginning inventory of $480,000, ending inventory of $560,000, and cost of goods sold of $2,200,000. Compute the inventory turnover and days’ in

Limited Liability Partnership (LLP) - GENERAL PARTNERSHIP which, via registration with an appropriate state authority, is able to enshroud all its partners in limited liability. Ru

Van Aalst Company's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet