Trusts and trustees

A Trustee refers to someone who acts on behalf of you or any of the gifts that you have set out in your will. Typically these are the Executors.

Trustees are bound by a number of laws and duties and they are personally liable if they breach these.  The most commonly referred to duty of Trustees is the “Fiduciary Duty” which, in a nutshell, requires the trustee to act in the best interest of your estate and the beneficiaries.  They cannot use their powers to their benefit over the benefit of the beneficiaries.  It is possible for a Professional Executor to charge the estate for their expertise though.

Many of the powers of the trustees are set out in the standard terms.  Our wills follow best practice and refer to the Society of Trust and Estate Practitioners’ Standard Conditions (2nd Edition).