Section 64 — Trusts Act 2019: Trustee’s power to pay or apply capital for beneficiary’s welfare

64 Trustee’s power to pay or apply capital for beneficiary’s welfare (1) A trustee may pay or apply some or all of a beneficiary’s interest in the capital money or other capital assets of the trust property for the beneficiary’s welfare, if this section applies to the beneficiary. (2) This section applies in respect of a beneficiary with an interest (whether vested or contingent) in some or all of the capital of the trust property. (3) In deciding whether to pay or apply capital and the amount to pay or apply, the trustee must consider all of the relevant circumstances. (4) In exercising the power under this section, a trustee must not pay or apply capital for a beneficiary’s welfare if— (a) the beneficiary’s interest is subject to a double or multiple contingency: (b) the payment or application would prejudice a person entitled to a prior life or other interest (whether vested or contingent) in the amount paid or applied, unless— (i) the person whose interest may be prejudiced is an adult and consents in writing to the payment or application; or (ii) the court, on the trustee’s application, orders the amount to be paid or applied. (5) An amount paid or applied under this section must be accounted for as part of the share in the trust property to which the person is or becomes absolutely or indefeasibly entitled. Compare: 1956 No 61 s 41