Duties of trustee,
Definition of Duties of trustee:
The most important aspect of a trustees duties is its fiduciary character. A trustee is legally and morally bound to manage the trust property in a responsible and productive manner, and is under an absolute obligation to act solely for the benefit of the trusts beneficiaries. His or her duties, in general, include to (1) become fully acquainted with the terms of the trust, (2) ensure that the trust property is vested according to the terms of the trust, (3) act without charging any fee except where expressly allowed, (4) never allow his or her funds to be commingled with those of the trust, (5) never enter into any transaction with the trust, (6) never delegate his or her duties, (7) act impartially and solely in the interest of all beneficiaries, and (8) manage the trust property in a prudent and businesslike manner. The requirements for prudence may be waived if the trusts beneficiaries (of legal age and sound mind) indemnify the trustee from doing something that may disturb the terms of the trust but which all beneficiaries endorse.
Meaning of Duties of trustee & Duties of trustee Definition