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Duties of Trustees
We explain some of the basics for settlors, beneficiaries, and trustees themselves.
Duties of Trustees
Get answers to your questions
For a long time, trusts have been used by individuals to manage personal wealth. We have
When someone sets up a trust, they appoint people as trustees to manage the trust and its assets.
The trust deed will usually include specific instructions about how to do this but there are some general legal duties that apply to the role as well.
If you are a trustee or are planning to appoint to someone as a trustee and have questions, our team are here to help.
What are the duties of a trustee?
Trustees must comply with the various Trustee Acts
A trustee owes duties of honesty, integrity, loyalty, and good faith to the beneficiaries of the trust. They must act exclusively in the best interests of the trust and be actively involved in any decisions.
The general duties of trustees are:
- Trustees must learn the terms of the trust and comply strictly with the duties and directions set out in the trust deed
- To act impartially between beneficiaries
- Trustees must keep clear and accurate accounts for the trust
- Trustees must act unanimously unless the trust deed says otherwise
- To act carefully and distribute assets correctly.
Why choose Irwin Mitchell for trustee advice?
Our solicitors have a proven track record and the specialist expertise to guide you through being a trustee.
We will offer you tailored, specific advice that is unique to your situation and will help resolve any queries you have.
With decades of experience, we have the answers to questions commonly asked by a trustee or someone setting up a trust.
Information to help with your Duties of Trustees claim
No matter what stage of life you’re at or what you’ve been through, we can provide insightful legal guidance that suits you and your needsFrequently asked questions about the Duties of Trustees
From outlining the duties of a trustee to what to do in the event of a disagreement with another trustee, get the answers to your questions.Managing a trust can be complicated, with new and unexpected challenges arising every day. Every trustee can seek professional help with their duties to make sure they’re acting in the best interests of the trust and its beneficiaries.
You might consult:
- Accountants
- Solicitors
- Financial planners
- Property consultants.
Our specialist trusts solicitors can advise you on every aspect of your role as trustee, from day-to-day administration to disputes with beneficiaries or other trustees. Our tax, wealth structuring, and property experts can also help you get the most out of the trust for its beneficiaries.
If you or any other trustees are struggling to manage your duties, you can step down from your position and appoint us to serve as trustees in your place.
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