What Are The Main Duties Of A Trustee?

The duties and key responsibility of the trustee:

1. Take legal ownership of the trust fund.
2. They cannot personally profit from the role as a trustee unless they are a professional trustee where they can be paid for their time and the trust deed allows that.They may be entitled under certain circumstances to claim expenses.
3. All trustees must agree when making decisions.
4. The trustees must act according to the terms of the trust and not do anything outside the law of those terms.
5. They must act in the best interest of the Beneficiaries and exercise a high degree of care and honesty. If they act dishonestly, they may be liable for any loss to the trust fund.
6. They cannot delegate responsibility for the trustee, they can delegate duties and have a positive duty to use experts to assist and therefore they should appoint an investment specialist with balancing the trust and investments.
7. They should conduct regular reviews of the trust fund .They need to keep clear an accurate records and accounts of all trust properties and ensure that all tax which the trust is liable for is paid.