Trustee's Duties: Running a Trust & Investment

Question 1

What is a trustees duty when there are conflicting interests between beneficiaries?

Answer 1

Must act impartially although this does not mean they must treat both equally

Question 2

What documents are beneficiaries entitled to see?

Answer 2

Trust document / will that created the trust
Trust accounts
Schedule of trust investments / other documents showing how trust property is invested

Question 3

Are beneficiaries entitled to see minutes from trustee meetings?

Answer 3

No

Question 4

If a court is considering ordering disclosure, what position do they start from?

Answer 4

Presumption that documents should not be disclosed

Question 5

If a trustee is delegating investment responsibilities, do they require a written agreement with the third party?

Answer 5

Yes

Question 6

What document goes alongside the written agreement with the delegated third party?

Answer 6

The policy statement

Question 7

Is a trustee liable for the acts or defaults of a third party to which investment responsibilities are delegated?

Answer 7

No (unless the trustee have breached their own duties in the delegation which has led to loss to the trust)

Question 8

Is acquisition of property in the UK an authorised investment activity?

Answer 8

Yes