What are the duties of a trustee?

A trustee must carry out the duties set out in the trust deed. Aside from these, a trustee must be aware that there are additional statutory and equitable obligations:

• To maintain proper accounts and records for the trust. 
• To be fully aware and understanding of the terms of the trust deed
• To act fairly and impartially – in particular when dealing with beneficiaries
• To ensure that there is no conflict between the interests of the trust and the trustee’s own personal or other interests
• Not to profit from their role as trustee – a trustee can not demand payment for carrying out trustee duties.
• To protect trust property
• Not to use trust property for personal benefit – for e.g. using trust funds for holidays

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Updated — Jul 7, 2017