Trustees


1. The law is mostly contained in the Trustee Act 1925.

2. Appointment and discharge
Trustees may be appointed by the settlor, under express power conferred by the trust instrument under the Act or by the court.
Acceptance of office may be express or presumed; there can be no renunciation after acceptance:
RE SHARMAN'S WILL TRUSTS (1942)

3. Duties
Canon of Ethics - the big three: fight for the beneficiaries, don't steal, try not to lie.
a) They must administer the trust property prudently.
b) They must strictly comply with all the terms of the trust.
c) They may not delegate their duties, except they may employ a solicitor, a banker, or a stockbroker.

4. Rights and Liabilities
a) They have no right to be paid, unless there is an express authorization in the instrument. But they are to be reimbursed
for expenses properly incurred in the performance of their duties.
b) They are personally liable for any act that is outside their powers.