I have come across a Will today drafted by a professional who is named as an Executor and Section 1 of the Trustee Act has been excluded and it had not been replaced by a ‘will act in good faith’ clause. The Will includes a life interest trust with wide powers of appointment to spouse. Do any of you acting in your professional capacity routinely displace Section1?
I personally have never done this; If I am being paid as a professional for acting as a Trustee I don’t believe it is in the client’s best interest that I should remove the clause saying I will exercise reasonable skill and care.
Any thoughts would be appreciated.