The Trust Team provides high level specialist advice on all aspects of trusts and estate planning including asset protection, trust administration and review, tax planning, international trust/tax haven structuring, wills and powers of attorney and relationship property arrangements and agreements.
Trustee Duties - Should they be Codified?
The Law Commission has recently published their fourth issues paper on the Law of Trusts, entitled “The Duties, Office and Powers of a Trustee”. In their paper, the Commission compares the duties of company directors to the duties of a trustee. Prior to the Companies Act 1993, the duties of company directors were contained in a complex and confusing mass of case law. By codifying the essential duties of a company director, the Companies Act 1993 has gone a long way to promote clarity, consistency and uniformity across the board of company directors. It is the Commission’s opinion that a similar approach to trustee duties would be extremely beneficial.
Some of the duties that the Commission suggests should be codified include the duty to act in the best interests of the beneficiaries, the duty to become familiar with the terms of the trust, and the duty to adhere to the terms of the trust.
If you would like more information regarding trustee duties, please contact one of our trust experts today.
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