3A. Trustees’ statutory duty of care

(1)

In exercising any power, carrying out any duty or doing any act referred to in the First Schedule, a trustee must exercise such care and skill as is reasonable in the circumstances, having regard in particular —

(a)

to any special knowledge or experience that the trustee has or holds himself or herself out as having; and

(b)

if the trustee acts as trustee in the course of a business or profession, to any special knowledge or experience that may reasonably be expected of a person acting in the course of that kind of business or profession.

(2)

This section applies in relation to trusts whether created before, on or after 15 December 2004 except if, or insofar as, it appears from the trust instrument that the requirements of subsection (1) are not meant to apply.