Trustees—power of advancement


Published by a UUÂãÁÄÖ±²¥ Private Client expert
Practice notes

Trustees—power of advancement


Published by a UUÂãÁÄÖ±²¥ Private Client expert

Practice notes
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The trustees are under a duty to manage the trust fund as to both income and capital until the Beneficiary reaches the vesting age.

Note that on 27 February 2023 the Marriage and Civil partnership (Minimum Age) Act 2022 came into force meaning that on or after this date it is not possible for a person to marry or enter into a civil partnership under the age of 18 in England and Wales. See News Analysis: Marriage and Civil Partnership (Minimum Age) Act 2022—implications for trusts.

Statutory power or express power

A power of advancement may be either statutory, under section 32 of the Trustee Act 1925 (TA 1925) or express through provision in the trust instrument. It is a Fiduciary and dispositive power, allowing a trustee to bring forward (advance) a beneficiary's entitlement under the trust.

TA 1925, s 32 will be implied into every trust, subject to being excluded by contrary intention and subject to some limited exclusions.

The statutory power used to provide that:

“Trustees may at any time or times pay or apply any capital money subject

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Beneficiary definition
What does Beneficiary mean?

A person who has a interest'>beneficial interest in property under a trust.

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