Trustee Duties

Trustees are required to fulfil certain fiduciary duties some of which are subject to the terms of the trust deed. The most important duties include the following:

• To act honestly and in good faith for the best interests of the beneficiaries in accordance with the terms of the trust.
• To bring, and keep under their control, trust property which must be kept separate from their private property and from any other property of which they are trustees.
• To comply with the terms of the trust deed.
• Subject to express conditions of the trust deed, to act impartially between the beneficiaries. This duty amounts to a fair balancing of the interests of beneficiaries, particularly where certain beneficiaries are entitled to current income and others to future interests in capital.
• To preserve and protect the trust property.
• To exercise appropriate care, skill and caution in the administration of the trust and in the selection of investment managers of the trust.
• Not to delegate duties or powers either to a third party or to a co-trustee unless authorised by law or the trust deed.
• To act unanimously unless otherwise expressly authorised under the trust deed. Accordingly, investments and all trust property should be in the joint names or held to the order of all trustees.
• Not to profit from the trust's property nor to purchase trust property for personal enjoyment unless otherwise authorised by the trust deed (i.e. trustee fees). To keep accounts, and furnish any beneficiary with accounts, at all reasonable times and on request.