Trustee Act 2000

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The Trustee Act 2000 modernised the powers and duties of trustees in England & Wales. It replaced the narrow 'prudent man of business' standard with a statutory duty of care, introduced a general power of investment, widened powers to acquire land, and created a framework for delegating trustee functions. It applies as a default to most express trusts unless excluded by the trust instrument.

Pwyntiau allweddol

• Statutory duty of care — trustee must exercise such care and skill as is reasonable in the circumstances (s.1, Schedule 1)
• General power of investment — trustees may make any kind of investment as if absolutely entitled to the trust assets (s.3)
• Standard investment criteria — suitability and diversification (s.4)
• Duty to obtain and consider proper advice on investments (s.5)
• Power to acquire freehold or leasehold land in the UK (s.8)
• Power to appoint agents, nominees, and custodians (Part IV)
• Remuneration of professional trustees (s.29)
• Trust instrument may restrict or exclude the statutory provisions (s.9)
• Statutory duty of care: skill and care reasonable in the circumstances (s.1, Sch.1)
• General power of investment — as if absolutely entitled to trust assets (s.3)
• Duty to have regard to standard investment criteria (s.4)
• Power to acquire freehold or leasehold land (s.8)
• Power to delegate to agents, nominees, and custodians (Part IV)
• Power to insure trust property (s.34)

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