UK Trustees – Liabilities And Responsibilities

Trustees have a crucial role to play in a trust, which involves the management of assets which in essence belong to the beneficiaries. A close relationship of trust and confidence therefore arises between the trustee and the beneficiaries.

Trustees must comply with numerous duties and take on significant responsibilities and potential liabilities. The standard expected of professional trustees when carrying out their duties is higher than for non-professional trustees. It is, therefore, essential that trustees understand their duties and carry them out appropriately and properly, as follows:

Fiduciary Duty:

• Trustees owe a fiduciary duty to act in the best interests of the beneficiaries and the trust itself.