Advancement

Used in the context of trusts ( www.practicallaw.com/4-107-7416) to mean:

  • Setting a beneficiary ( www.practicallaw.com/9-382-5565) up in life (or taking a step towards setting him up), for example, by paying for his professional training or providing start-up funding for his business.

  • Using trust capital to benefit a beneficiary, for example, by advancing money to him or making a settled advance.

Both meanings come into play when trustees ( www.practicallaw.com/8-107-7419) exercise a power of advancement ( www.practicallaw.com/8-382-6103) . The trustees are then advancing capital (in the second sense given above) for a beneficiary's advancement (in the first sense given above) or benefit.

For more information, see Practice note, Exercising powers of appointment, advancement and transfer: overview ( www.practicallaw.com/4-386-2471) .

See also appointment ( www.practicallaw.com/9-382-5551) .

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