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Trusts Operating in a Socially Beneficial Manner - Coursework Example

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The paper "Trusts Operating in a Socially Beneficial Manner" describes that the provisions of the law have allowed for trustee discretion and flexibility, however, they may also be held liable for breach of their fiduciary duties and the position of trust that they hold. …
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Trusts Operating in a Socially Beneficial Manner
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Download file to see previous pages Trustees do not have any written ethical social policy, primarily due to the perception that profitability and socially beneficial expenses do not work well together.1a With the passage of the Trustee Act of 20001 which includes expansion of the function of the trustee and enhanced provision for judicial review of cases involving properties administered by a trust, there is increased scope for fairness and equitable treatment for all parties concerned. The new guidelines spelt out by the Charities Act of 1993 require a charitable trust to be duly registered and provide annual accounts, with the provision for the Charity Commission to strip it of its charitable status in the event that it fails to fulfill its charitable purpose,2 thereby placing an added burden upon the trustees of charitable institutions to invest and operate the trusts in a socially beneficial manner. Moreover, in the case of land trusts, the principles of the strict settlement have been modified and beneficiaries have increased powers to show adequate cause for removal of a trustee.3 Therefore, there is now no valid legal or economic reason for trustees to exercise their responsibilities in a fraudulent manner that could be detrimental to the beneficiaries and they are required to uphold the interests of the trust at all times.
Moffett lays out the basis for the foundation of trust as the measure of “confidence reposed in some other” which produces certain moral obligations that are conditioned on the basis of ethical principles.”4. Moffat clarifies that under English law, charitable trusts need to be registered but other kinds of trusts require only proper constitution and the underlying concept of the trust refers to the “duty or aggregate accumulation of obligations that rest upon a person described as a trustee…..A trustee may be a beneficiary, in which case advantages will accrue in his favor to the extent of his beneficial interest”5; however, this is exclusive of his legal interest. ...Download file to see next pagesRead More
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