TRUSTEE
OF A PRIVATE TRUST - RIGHTS AND POWERS No one is bound to accept
a trust as trustee. Instead of accepting a trust,the intended trustee can within
a reasonable period disclaim it. Such adisclaimer prevents vesting of the trust
property in the trustee. Adisclaimer by one of two or more co-trustees vests the
trust property inthe other or others, and makes him or them sole trustee or trustees
fromthe date of the creation of the trust. However, a trustee who has accepted
the trust cannot after wards renounceit except as under. a) With the permission
of a principal civil court of original jurisdiction.
b) Consent of the beneficiary
if he is of the age of majority, and of soundmind and not disqualified by any
law.
c) By special power in the instrument of the trust. Equally a trustee
cannot generally delegate his duties either to aco-trustee or a stranger. A delegation
of duties can be made only, if: (A) instrument of trust provides for it
(B) delegation is in the regular course of business
(C) the delegation
is necessary
(D) the beneficiary, being a major of some mind consents
to the delegation. ADMINISTRATION OF TRUST PROPERTY BY THE TRUSTEE
The trustee is required to fulfil the purpose of the trust and to obey thedirections
of the author of the trust unless they have been duly modifiedby the consent of
all the beneficiaries. In order to do so, the trustee has to acquaint
himself as soon as possible, with the nature and circumstances of the trust property
and where necessary he is also required to transfer the trust property to himself.
He may also reclaim the trust money, invested on insufficient or hazardous security.
A trustee has to protect the trust property. In
the absence of a contract a trustee is not liable for the loss,destruction or
deterioration of the trust property if in the exercise ofhis duties he has extended
due care as a man of ordinary prudence. A trustee is required
to keep clear and accurate accounts of the trustproperty and is also bound to
furnish the beneficiaries at their requestfull and accurate information as to
amount and state of the trustproperty. Where the trust property
consists of money and cannot be appliedimmediately or at an early date to the
purpose of the trust the trustee isbound to invest the money on certain government
securities prescribed bythe Indian Trusts Act. A trustee can apply
to the court for its opinion, advice, or direction onissues regarding the management
of the trust property if such issues can beadjudicated by the court in a short
hearing.
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