sec.121Exercise of trustee powers when particular beneficiaries are absolutely entitled

sec.121 Exercise of trustee powers when particular beneficiaries are absolutely entitled

This section applies in relation to a trust other than a trust created by a court order. A trustee may exercise the powers conferred under this part in relation to the trust property even though— all the beneficiaries are absolutely entitled to the trust property; and each beneficiary is an adult— who has capacity for financial matters relating to their interest in the trust property; or for whom an administrator or attorney is authorised, under their appointment as administrator or attorney, to exercise power for financial matters relating to the beneficiary’s interest in the trust property. However, subsection (2) does not apply to the extent a power conferred under this part is expressly revoked by all the beneficiaries, by written notice given to the trustee by— each beneficiary mentioned in subsection (2) (b) (i) ; and the administrator or attorney for each beneficiary mentioned in subsection (2) (b) (ii) . (sec.121-ssec.1) This section applies in relation to a trust other than a trust created by a court order. (sec.121-ssec.2) A trustee may exercise the powers conferred under this part in relation to the trust property even though— all the beneficiaries are absolutely entitled to the trust property; and each beneficiary is an adult— who has capacity for financial matters relating to their interest in the trust property; or for whom an administrator or attorney is authorised, under their appointment as administrator or attorney, to exercise power for financial matters relating to the beneficiary’s interest in the trust property. (sec.121-ssec.3) However, subsection (2) does not apply to the extent a power conferred under this part is expressly revoked by all the beneficiaries, by written notice given to the trustee by— each beneficiary mentioned in subsection (2) (b) (i) ; and the administrator or attorney for each beneficiary mentioned in subsection (2) (b) (ii) .

• (a) all the beneficiaries are absolutely entitled to the trust property; and
• (b) each beneficiary is an adult— (i) who has capacity for financial matters relating to their interest in the trust property; or (ii) for whom an administrator or attorney is authorised, under their appointment as administrator or attorney, to exercise power for financial matters relating to the beneficiary’s interest in the trust property.
• (i) who has capacity for financial matters relating to their interest in the trust property; or
• (ii) for whom an administrator or attorney is authorised, under their appointment as administrator or attorney, to exercise power for financial matters relating to the beneficiary’s interest in the trust property.
• (i) who has capacity for financial matters relating to their interest in the trust property; or