A trustee is one who has been appointed to hold the deceased estate in trust for a beneficiary of less than 18 years of age. The trustee owes a fiduciary duty to the beneficiary of the trust and must act in the best interest of the beneficiary. A trustee as a legal owner of the trust property has the following duties to perform:
- Ensuring trust property is registered in the name of the trustees.
- Strict compliance with the terms of the trust deed.
- Acting impartially between all beneficiaries.
- Duty to provide information
- Act unanimously
- Duty to consult beneficiaries from time to time and act based on their instruction.
- Duty to act personally and not delegate his duty to another.
- Distributing the trust funds.
- Keeping accounts.
- Completing the trust self assessment returns.
- Paying any tax due.
- Investing trust funds
- Duty to handover the estate to the beneficiary upon attainment of majority.
Please call us on 0207 183 0084 or email us on firstname.lastname@example.org if you want to draft your will or need advise on appointing a trustee and to ask us about any reservations or queries that you may have; we are always happy to assist.