Role of trustees
The trustees are the people who are appointed to manage the trust and its assets. Care must be taken at the outset to find suitable trustees to act, it is a position of extreme responsibility and one which brings with it a duty to observe the terms of the trust, to act impartially when reaching decisions concerning the beneficiaries, to manage the trust funds and to review them regularly, to act in unison with their co-trustees and not to profit from the trust.
There are other duties and responsibilities which will need to be assumed by trustees, we can provide a fact sheet which sets out the powers and duties of a trustee, they range from the powers in the trust deed itself which will be individually drawn up for the trust and those powers contained in statute. A settlor can act as a trustee.