Trustee Responsibility
As a trustee, it is your responsibility to act on behalf of the beneficiaries, ensuring you follow the rules of the trust.
What duties do I have?
A trustee is under legal obligation to act according to the terms of the trust. Your duties include:
Ensuring you understand the terms of the deed
Acting in the best interest of the trust and its beneficiaries
Fulfilling your fiduciary and statutory responsibilities
Keeping beneficiaries updated with information about the trust
Staying up to date with potential changes in laws or tax rules
Unless stated in the trust, you cannot pay yourself any expenses from the trust, including legal assistance.
Why is it recommended to seek legal assistance?
A trustee can be held personally liable for any mistakes made, as well as not acting in the best interests of the beneficiaries. This can be a stressful process. Speak to us today so we can help.
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