A Will Trust includes the standard power of delegation from Butterworths Wills precedents, i.e.
“MY TRUSTEES may
1 delegate their powers of investment to or
2 allow any investments or other assets to be held in the name or names (as nominee or nominees on their behalf) of
any company or other person (whether or not being or including one or more of themselves) on any terms they think fit (and may exercise either power alone or both together)”
Do forum members believe this is sufficient to allow flexibility in the management of the trust bank account, for example, to allow any two trustees to sign, or even a non-trustee to be able to make withdrawals up to a fixed amount? I believe the clause is probably intended to allow this, but am not sure it would actually fall within a delegation of the trustees’ power of investment, or the holding of assets in a nominee’s name. And I note that some other precedents have express provisions for the operation of bank accounts, or much wider general powers of delegation of trustee functions.
If this power is not sufficient then the Trustees will have to look to the Trustee Act with all that entails in terms of written policy etc.