Section 62 — Trusts Act 2019: Trustee’s power to pay or apply income for child beneficiary’s welfare

62 Trustee’s power to pay or apply income for child beneficiary’s welfare (1) A trustee may pay or apply some or all of the income on the interest of the beneficiary in respect of whom this section applies for the beneficiary’s welfare. (2) This section applies in respect of a beneficiary who is a child with an interest (whether vested or contingent) in some or all of the trust property. (3) In this section and section 63 , income — (a) means the income on the beneficiary’s interest that arises in the most recent year; and (b) where they have not been previously paid in respect of the beneficiary but have been accumulated and held for the beneficiary’s entitlement in the future, means the income on the beneficiary’s interest from previous years and the interest earned from the investment of that income; and (c) where the beneficiary has an absolute interest in an annuity, includes the income from the annuity. (4) In deciding whether to make a payment and the amount of any payment, the trustee must consider all of the relevant circumstances, including the beneficiary’s age and requirements. (5) The trustee may make the payment under subsection (1) to the child’s parent or guardian, or in some other manner that is for or toward the beneficiary’s welfare. (6) This power is subject to any prior interests or charges affecting the income. Compare: 1956 No 61 s 40(1), (2), (4)