148 CONVEYANCING PRACTICE

or daughter or wife—the management and control
of the fund devolves upon the person appointed by
the testator to carry out the trust, i.e. his trustee.

The powers and duties of trustees under a will
are usually set out in the will or codicil under which
he or she is appointed. In so far as they are not
set out they are provided by statute (Trustee Act,
1925). The powers of a trustee under a will are
fairly wide, they are able to exercise their own
discretion on many matters relating to their trust,
and they are not liable for any loss resulting from
their changing any investment or selling any trust
property, if their discretion was exercised in good
faith and they were not guilty of culpable negligence.

It is usual in winding up a testator's estate to
transfer the particular fund—if stocks or shares for
example—into the name or names of the trustee
or trustees as trustees of the will of X. Y., deceased.
Many companies, however, strongly object to
notices of a trust appearing on their share registers
and insist on the trustees' names appearing in the
registers as the owners of the shares.

When a trustee desires to retire from his trustee-
ship, the matter is usually carried out by a deed
of appointment of new trustees. The deed sets out
the terms of the will, and the state of the trust
and that the trustee is desirous of retiring and ap-
points the newcomer to be trustee in his place. In
some instances it is thought fit to add a paragraph
vesting the trust property in the new trustee—but
this is really unnecessary.

So also, when one of two or more trustees dies,
the survivor or survivors can appoint a new trustee
in place of the one dying—to act jointly with those
still surviving.