retirement of trustees

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A right of trustees to be released from their trusteeship. Originally trustees were not allowed to retire, but retirement is now possible subject to certain safeguards. Under the Trusts of Land and Appointment of Trustees Act 1996, when there is no person nominated to appoint new trustees in the trust instrument and the beneficiaries are of full age, sound mind, and absolutely entitled, the beneficiaries may give a written direction to the trustees to retire from the trust.

Subjects: Law.

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