Please forgive me if this the answer to this is obvious!
My understanding is that the provisions of s. 31 Trustee Act 2000 extend to ‘personal representatives’ by virtue of s. 35 Trustee Act 2000.
Accordingly, my understanding is that (paraphrasing s. 31): a personal representative is entitled is entitled to be reimbursed from the trust funds, or may pay out of the trust funds, expenses properly incurred by him when acting on behalf of the trust.
I would be grateful for any comments on this.
Thanks for your time!
Very best wishes,
I agree. Interestingly (given the debate on here about TRS and the interaction of the admin period with a will trust) s35 makes a very good job of equating the role of a PR to a trustee, emphasising indirectly that during the admin period no trust subsists. It also means that for the relevant (very wide) purposes prescribed by s35 it will not matter which kind of person you are, PR or trustee, or when you cease to be a PR and become a trustee.
By contrast the wording of s69(1) TA 1925 is much vaguer and so during the admin period, while no trust (properly so called) can subsist, it seems ss31 and 32 cannot apply to PRs as such. This is logical as until the admin period is ended as regards a given asset, so that it is no longer required for administration, the will trustees as such (even though they are the same person(s)), should not be using the powers in ss31 and 32 in relation to that asset and the income from it.
Thank you for your reply.
I really appreciate your time.
I appreciate your broader observations too.