Trustee responsibilities

The role of a trustee is an important and privileged position. The settlor (the person creating the trust), has confidence that you (the trustee) will fulfill their wishes and ensure that the trust assets are used as they intended.

It is extremely important that your duties are carried out and that you are fully aware of all your responsibilities as a trustee.

If a trustee fails to carry out their duties to the satisfaction of the beneficiaries, there is a risk that the trustees will be held personally responsible for any losses.  The beneficiaries may bring action against you as a trustee, which could prove to be very costly.

Varied responsibilities of trustees

Depending on the terms of the trust, the responsibilities you may have as a trustee can be quite varied. These responsibilities may include ensuring that tax matters are up to date, keeping trust accounts up to date as well as holding regular trustee meetings to review the assets held and make decisions about trust distributions.

Trustees also have a statutory duty of care towards the beneficiaries of the trust which can include making sure:

  • all decisions are fair to the various beneficiaries of the trust,
  • the trust investments are suitable and reviewed regularly and
  • that they comply with the terms of the trust at all times.

Choose Furley Page for advice about responsibilities of trustees

Our Trust team can advise you on the various responsibilities you have under the terms of the trust and can assist with the day to day administration tasks so that matters are being dealt with in a timely fashion. They have extensive experience of the management of many trusts.

It is important that trusts are regularly reviewed and we are experienced in advising trustees on their responsibilities. This can help to highlight any areas of concern to you so that any issues can be addressed and corrected at the earliest opportunity.

Contact David Fielding to find out how we can help you.

How can we help you?

How can we help you?