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Trustee Act 1925 - Section 32: Power of Advancement for Trustees, Exercises of Art

Art

Section 32 of the trustee act 1925, which grants trustees the power to make advancements or applications of capital money or other property for the benefit of any person entitled to the trust property. The provisions and limitations of this power are detailed, including the requirement that the total value of such payments or applications does not exceed the person's presumptive or vested share in the trust property. The document also includes textual amendments made to this section over the years.

Typology: Exercises

2021/2022

Uploaded on 09/27/2022

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Changes to legislation: There are currently no known outstanding effects
for the Trustee Act 1925, Section 32. (See end of Document for details)
Trustee Act 1925
1925 CHAPTER 19 15 and 16 Geo 5
PART II
GENERAL POWERS OF TRUSTEES AND PERSONAL REPRESENTATIVES
Maintenance, Advancement and Protective Trusts
32 Power of advancement.
(1) Trustees may at any time or times pay or apply any capital money subject to a trust,[F1or
transfer or apply any other property forming part of the capital of the trust property,] for
the advancement or benefit, in such manner as they may, in their absolute discretion,
think fit, of any person entitled to the capital of the trust property or of any share
thereof, whether absolutely or contingently on his attaining any specified age or on
the occurrence of any other event, or subject to a gift over on his death under any
specified age or on the occurrence of any other event, and whether in possession or in
remainder or reversion, and such payment [F2, transfer] or application may be made
notwithstanding that the interest of such person is liable to be defeated by the exercise
of a power of appointment or revocation, or to be diminished by the increase of the
class to which he belongs:
Provided that—
(a) [F3property (including any money) so paid, transferred or applied for the
advancement or benefit of any person must not, altogether, represent more
than]F4... the presumptive or vested share or interest of that person in the trust
property; and
(b) if that person is or becomes absolutely and indefeasibly entitled to a share
in the trust property [F5the money or other property so paid, transferred or
applied] shall be brought into account as part of such share; and
(c) no such payment [F6, transfer] or application shall be made so as to prejudice
any person entitled to any prior life or other interest, whether vested or
contingent, in the money [F7or other property paid, transferred] or applied
unless such person is in existence and of full age and consents in writing to
such payment or application.
pf3

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Changes to legislation: There are currently no known outstanding effects for the Trustee Act 1925, Section 32. (See end of Document for details)

Trustee Act 1925

1925 CHAPTER 19 15 and 16 Geo 5

PART II

GENERAL POWERS OF TRUSTEES AND PERSONAL REPRESENTATIVES

Maintenance, Advancement and Protective Trusts

32 Power of advancement.

(1) Trustees may at any time or times pay or apply any capital money subject to a trust, [F1 or

transfer or apply any other property forming part of the capital of the trust property, ] for

the advancement or benefit, in such manner as they may, in their absolute discretion,

think fit, of any person entitled to the capital of the trust property or of any share

thereof, whether absolutely or contingently on his attaining any specified age or on

the occurrence of any other event, or subject to a gift over on his death under any

specified age or on the occurrence of any other event, and whether in possession or in

remainder or reversion, and such payment [F2 , transfer ] or application may be made

notwithstanding that the interest of such person is liable to be defeated by the exercise

of a power of appointment or revocation, or to be diminished by the increase of the

class to which he belongs:

Provided that—

(a) [F3 property (including any money) so paid, transferred or applied for the

advancement or benefit of any person must not, altogether, represent more

than ]F4 ... the presumptive or vested share or interest of that person in the trust

property; and

(b) if that person is or becomes absolutely and indefeasibly entitled to a share

in the trust property [F5 the money or other property so paid, transferred or

applied ] shall be brought into account as part of such share; and

(c) no such payment [F6 , transfer ] or application shall be made so as to prejudice

any person entitled to any prior life or other interest, whether vested or

contingent, in the money [F7 or other property paid, transferred ] or applied

unless such person is in existence and of full age and consents in writing to

such payment or application.

2 Trustee Act 1925 (c. 19)

Part II – General Powers of Trustees and Personal Representatives Document Generated: 2022-03- Changes to legislation: There are currently no known outstanding effects for the Trustee Act 1925, Section 32. (See end of Document for details)

[F8 (1A) In exercise of the foregoing power trustees may pay, transfer or apply money or other

property on the basis (express or implied) that it shall be treated as a proportionate

part of the capital out of which it was paid, transferred or applied, for the purpose

of bringing it into account in accordance with proviso (b) to subsection (1) of this

section. ]

[F9 (2) This section does not apply to capital money arising under the M1^ Settled Land Act

1925. ]

(3) This section does not apply to trusts constituted or created before the commencement

of this Act.

Textual Amendments

F1 Word in s. 32(1) inserted (1.10.2014) by Inheritance and Trustees' Powers Act 2014 (c. 16), ss. 9(2)(a) , 12(2) (with s. 10(2)); S.I. 2014/2039, art. 2 F2 Words in s. 32(1) inserted (1.10.2014) by Inheritance and Trustees' Powers Act 2014 (c. 16), ss. 9(2) (b) , 12(2) (with s. 10(2)); S.I. 2014/2039, art. 2 F3 Words in s. 32(1) substituted (1.10.2014) by Inheritance and Trustees' Powers Act 2014 (c. 16), ss. 9(3)(a) , 12(2); S.I. 2014/2039, art. 2 F4 Words in s. 32(1) omitted (1.10.2014) by virtue of Inheritance and Trustees' Powers Act 2014 (c. 16), ss. 9(3)(b) , 12(2) (with s. 10(3)-(5)); S.I. 2014/2039, art. 2 F5 Words in s. 32(1) substituted (1.10.2014) by Inheritance and Trustees' Powers Act 2014 (c. 16), ss. 9(4) , 12(2) (with s. 10(2)); S.I. 2014/2039, art. 2 F6 Words in s. 32(1) inserted (1.10.2014) by Inheritance and Trustees' Powers Act 2014 (c. 16), ss. 9(5) (a) , 12(2) (with s. 10(2)); S.I. 2014/2039, art. 2 F7 Words in s. 32(1) substituted (1.10.2014) by Inheritance and Trustees' Powers Act 2014 (c. 16), ss. 9(5)(b) , 12(2) (with s. 10(2)); S.I. 2014/2039, art. 2 F8 S. 32(1A) inserted (1.10.2014) by Inheritance and Trustees' Powers Act 2014 (c. 16), ss. 9(6) , 12(2) (with s. 10(2)); S.I. 2014/2039, art. 2 F9 S. 32(2) substituted (1.1.1997) by 1996 c. 47, s. 25(1), Sch. 3 para. 3(8) (with ss. 24(2), 25(4)); S.I. 1996/2974, art.

Marginal Citations

M1 (^) 1925 c. 18.