The position of trustee is an important one and creates a special relationship of trust between the trustee and the beneficiaries of the trust or will. We call this a “fiduciary” relationship. It is a trustee’s duty, to always act in the best interests of all of the beneficiaries of the trust or will. A trustee must always act honestly and with a level of care and skill that would be expected of a reasonable businessperson in administering the affairs of others.
As a trustee, it is important that you are thoroughly familiar with the terms of the trust deed or will: with the assets held by the trust or estate; and with who the beneficiaries are or may be.
Trustees must also meet ongoing administrative obligations. These include the requirement to:
If you have any questions about your current or future role as a trustee of a trust or will, please contact us and we would be happy to talk them through with you.