Need help setting up a trust? We've got you covered with range of tips for both discretionary and unit trusts.

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

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

Ready to start your company?

Start your company, today.