A testator has appointed Atkinson and Rowan as trustees to hold the sum of £200,000 on trust for his grandchildren, Christie, Denise and Simon.  Atkinson is a plumber whilst Rowan is an investment banker. They are concerned about the following matters and now seek your advice:

1. Can they invest the trust fund and are there any investment which are prohibited to him?  Are there any other duties regarding investments?
2. What standard of care is required of them?
3. Can they delegate matters to accountants, solicitors, and other professionals?
4. Are they entitled to any payment for their work as trustees or to any expenses?
5. They are unable to ascertain whether Denise is alive. If they distribute the estate to the other beneficiaries, will they be liable if Denise shows up and demands her share of the trust?

Answer rating: 100% (QA)

Here is my advice to Atkinson and Rowan on the matters they have raised Trustees have a duty to inve... View the full answer