General Information
The precise responsibilities and powers of a trustee varies, albeit slightly, depending on the type of trust being set up.
In addition to reading this section, it is important to read the trust document and to make sure those responsibilities are understood and agreeable.
A trustee is expected to exercise such care and skill as is reasonable in the circumstances. Actions taken by a trustee must be authorised by the terms of the trust and the law that governs trusts. If any of the beneficiaries or trustees think that the trustee is not acting in their best interests, they can take legal action against a trustee if the trustee is acting outside the terms of the trust
Duties and Responsibilities
Trustees should:
Make
themselves familiar with the powers and duties they have
under the trust, and the rights of the beneficiaries.
Look
after the trust property for the benefit of the
beneficiaries in line with the terms of the trust deed and
trust law. In addition trustees must ensure trust property
is passed to beneficiaries at the appropriate time.
Consider
and treat all beneficiaries, irrelevant of trust class,
fairly. Trustees are therefore expected to keep and maintain
records where appropriate.
Review
the assets within the trust periodically and consider
whether changes need to be implemented. This is mainly
relevant if the trust has investment benefits resulting from
a death claim for example.
Seek
legal and financial advice from a qualified professional
where investment of assets is required.