TRUSTEE ACT 1925 - SECT 14E Power to buy house as residence for beneficiary

TRUSTEE ACT 1925 - SECT 14E

    (1)     Without limiting section 14C and subject to the trust instrument, a trustee may—

        (a)     buy a house for a beneficiary to use as a residence; or

        (b)     enter into any other agreement or arrangement to secure for a beneficiary a right to use a house as a residence.

    (2)     Despite the terms of the trust instrument, a trustee may keep, as part of the trust property, a house for a beneficiary to use as a residence if to do so would not unfairly prejudice the interests of other beneficiaries.

    (3)     If a house is bought, kept or otherwise secured for use by a beneficiary as a residence, the house may be made available to the beneficiary on the terms, consistent with the trust and the beneficiary's interest in the trust, that the trustee considers appropriate.

    (4)     The trustee may keep a house, or any interest or rights in relation to a house, secured for use by a beneficiary under this section after the beneficiary's use of the house as a residence has finished.

    (5)     In this section:

"house" includes—

        (a)     any building or part of a building designed, or converted or capable of being converted, for use as a residence; and

        (b)     any amenities or facilities for use in association with the use of a house.