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
This information is of a general nature only and does not constitute professional advice. You must seek professional advice in relation to your particular circumstances before acting.
Updated — Jul 7, 2017