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Protective Property Trust Deed Guide
Summary
A Protective Property Trust Deed aims to safeguard property from being sold to cover care home fees and ensure it passes to intended beneficiaries. Key elements include defining trustees powers, ensuring witnesses are not beneficiaries, and conducting periodic reviews for legal compliance. Trustees manage and maintain the property, cover expenses, and must not sell or encumber the property without consent. Regular updates and communication with beneficiaries are essential.Full Conversation
To clearly define the extent and limitations of trustees' powers in the Protective Property Trust Deed, you can consider the following points:
**Trustees' Powers**
*. **Management and Maintenance**:
- Trustees have the power to manage and maintain the property, including making decisions on repairs and improvements.
*. **Financial Decisions**:
- Trustees can use trust income or capital to cover property-related expenses like maintenance, insurance, and taxes.
*. **Restrictions on Sale**:
- Trustees are prohibited from selling or disposing of the property without written consent from all remainder beneficiaries.
*. **Prohibition on Encumbrances**:
- Trustees must not mortgage or otherwise encumber the property to cover any debts or liabilities of the Settlor or primary beneficiary.
*. **Discretionary Powers**:
- Trustees may make discretionary decisions in unforeseen circumstances, provided such decisions are in the best interests of the beneficiaries.
*. **Conflict of Interest**:
- Trustees must disclose any potential conflicts of interest and must obtain written consent from all beneficiaries if they wish to participate in decision-making where a conflict exists.
*. **Consultation with Beneficiaries**:
- Trustees must keep beneficiaries informed about significant decisions and changes regarding the trust
*. **Management and Maintenance**:
- Trustees have the power to manage and maintain the property, including making decisions on repairs and improvements.
*. **Financial Decisions**:
- Trustees can use trust income or capital to cover property-related expenses like maintenance, insurance, and taxes.
*. **Restrictions on Sale**:
- Trustees are prohibited from selling or disposing of the property without written consent from all remainder beneficiaries.
*. **Prohibition on Encumbrances**:
- Trustees must not mortgage or otherwise encumber the property to cover any debts or liabilities of the Settlor or primary beneficiary.
*. **Discretionary Powers**:
- Trustees may make discretionary decisions in unforeseen circumstances, provided such decisions are in the best interests of the beneficiaries.
*. **Conflict of Interest**:
- Trustees must disclose any potential conflicts of interest and must obtain written consent from all beneficiaries if they wish to participate in decision-making where a conflict exists.
*. **Consultation with Beneficiaries**:
- Trustees must keep beneficiaries informed about significant decisions and changes regarding the trust
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