Trustees' Responsibilities
What are the responsibilities of a Trustee?
The provisions of the Trustee Act 2000 are now in force and can affect any trusts, even those established well before the Act was made.
There is a duty on trustees to invest funds in their care, with a view to gaining a financial return for the trust. In performing this duty they must exercise proper care, which requires more than just good faith and honesty. Trustees have to be sufficiently proficient so as to observe some standard investment criteria, including:-
- Suitability to the trust of the kind of investments which may be made
- The need for diversification and investment so far as is appropriate to the circumstances of the trust.
Trustees have to exercise their duties honestly and fairly, and the circumstances of each trust must be taken into account on an individual basis.
What to do next
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