Graeme Robb, Technical Manager at Prudential looks at the key duties and responsibilities of a trustee.
This article will consider the following:
- Duties to be performed on appointment
- Investment duties
- Protecting the interests of beneficiaries
- Keeping accounts and records
- Distributing property to beneficiaries
Duties to be performed on appointment
- Obtain a copy of the trust deed and read it.
The trust deed will set out the powers and duties the settlor has given to the trustees. These powers will be ‘dispositive’ (how, and in what circumstances, the trustees are to distribute trust income and/or capital) and ‘administrative’ (how the trust is to be ‘run’).
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