If you are a trustee, it is your duty to act on behalf of the beneficiaries and according to the trust deed. If you are unsure about your responsibilities, we are here to assist you.
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Trustee responsibility explained
A trustee is under the absolute obligation to act in accordance with the terms of the trust.
If you are a trustee, you have following responsibilities:
- Ensure you fully understand the terms and conditions of the trust deed
- Act in the trust's best interests
- Not pay yourself any fees or expenses if not explicitly stated in the trust deed
- Fulfil your fiduciary and statutory duties
- Keep accounts
- Provide information about the trust to beneficiaries
- Ensure you keep up to date with changes in tax rules and trust laws
Why should I consider legal assistance with my duties as trustee?
If you don't act in accordance with the Trust or for the benefit of the beneficiaries, you can be held personally liable. This is why we advise you to work with an expert solicitor to stay legally safe.
Can I pay the fees for legal assistance from the trust?
If not otherwise stated in the Trust, you're not allowed to pay yourself any expenses.
What if a trust and a will conflict?
Contradictory instructions will cause confusion. If you have a trust and a will, we advise you to have both documents checked by a solicitor to ensure they are not contradictory.
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