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15. Defined interests and powers of advancement and maintenance 

15. Defined interests and powers of advancement and maintenance
Chapter:
15. Defined interests and powers of advancement and maintenance
Author(s):

Robert Pearce

and Warren Barr

DOI:
10.1093/he/9780199644452.003.0015
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date: 18 February 2020

This chapter discusses chapter explains the mechanisms for the distribution of a trust fund, where the trustees have no discretion as to how the fund is to be allocated, and discusses defined interests under trusts; beneficial entitlement to defined interests; certainty of objects; and policy limits. It also explores trustees' power of maintenance and power of advancement. The law grants trustees powers that let them apply the fund on behalf of beneficiaries, even where they have not yet satisfied the specified contingency. The power of maintenance allows the trustees to apply the income generated by the fund on behalf of the beneficiary, and the power of advancement allows them to apply part of the capital from the fund. The Trustee Act 1925 grants trustees powers of maintenance and advancement, which are usually sufficient. The court also possesses an inherent jurisdiction to provide advancement and maintenance.

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