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What is the Role of a Trustee?
Trustees have legal duties and responsibilities under the general law. The trust deed may add to these.
Duties and responsibilities include:
- information gathering
- following the trust deed
- acting impartially
- balancing the conflicting interests of different classes of beneficiaries
- exercising care in managing the trust assets
- record keeping
- accounting to beneficiaries for the correct amounts in a timely manner
- dealing with the trust’s tax affairs
- managing the trust assets and investments
Trustees are liable to beneficiaries for any breach of trust and to third parties for trust debts such as tax.
At Hart Brown our specialist lawyers can draw upon many years' collective experience to help you fulfil your duties and responsibilities as a trustee and avoid personal liability.
To speak to someone who can help to explain the duties and responsibilities of trustees or any other issue related to a trust call, email or request a call back from one of our specialist lawyers.
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