- Every person capable of holding property may be a trustee;but, where the trust involves the exercise of discretion, he cannot execute it unless he is competent to contract.No one bound to accept trust. - No one is bound to accept a trust.Acceptance of trust. - A trust is accepted by any words or acts of the trustee indicating with reasonable certainty such acceptance.Disclaimer of trust. - Instead of accepting a trust, the intended trustee may, within a reasonable period, disclaim it, and such disclaimer shall prevent the trust-property from vesting in him.a disclaimer by one of two or more co-trustees vests the trust-property in the other or others, and makes him or them sole trustee or trustees from the date of the creation of the trust.Illustrations(a)A bequeaths certain property to B and C, his executors, as trustees for D, B and C prove As will. This is in itself an acceptance of the trust, and B and C hold the property in trust for D.(b)A transfers certain property to B in trust to sell it and to pay out of the proceeds As debts. B accepts the trust and sells the property. So far as regards B, a trust of the proceeds is created for As creditors.(c)A bequeaths a lakh of rupees to B upon certain trusts and appoints him his executor. B severs the lakh from the general assets and appropriates it to the specific purpose. This is an acceptance of the trust.
