Trustees´ Duties

A trust is a gift of, for example, money or other assets by the 'Settlor' to a Trustee or Trustees which binds those Trustees to deal with such money or assets for the benefit of Beneficiaries. It is enforceable by the Beneficiaries and not the Settlor.

The terms of the trust are set out in the Trust Deed. By making a gift to the Trustees, the Settlor has divested himself of ownership of those assets.

The Trustees become the new legal owners of the assets on behalf of the Beneficiaries.

Trustees Acceptance Of Their Trusteeship

Trustees need to be appraised of the fullest of information before accepting their trusteeship and be aware of the potentially onerous responsibilities to be placed upon them by accepting this position.