Briefing: the duties and responsibilities of a trustee

A trustee safeguards and manages assets in accordance with the wishes of a trust creator, known as a settlor.

A trustee’s duties and powers are fiduciary in nature which means they must always act in the best interests of a trust and its beneficiaries. Understanding and upholding these principles is essential for maintaining the integrity of the role. Duties and responsibilities must be delivered with loyalty, honesty, diligence, impartiality and sound professional judgement.

Trustees have a thorough understanding of a trust deed which outlines the rules, terms and conditions under which the structure operates. Whether distributing income or making discretionary decisions, they are guided by the wishes of the settlor.

The primary function of a trustee is to manage the assets of a trust which may involve investment decisions, property management and financial planning. This requires a nuanced understanding of financial markets, risk management strategies and compliance with legal and regulatory frameworks.

Abacus provides individual and corporate trustees to deliver professional and effective day-to-day management of the entities it manages. 

Our trustees are all professionally qualified, senior members of the team who have the experience to navigate complicated scenarios in an efficient and timely manner. They approach family dynamics with empathy, tailoring their approach to the specific needs of a variety of beneficiary classes.

Their technical expertise and in-depth knowledge means they add value, oversight and governance together with effective decision making.

Mitigating conflicts of interest is an inherent aspect of fiduciary responsibility. A trustee is always neutral, acting fairly and without bias. This impartiality entails treating all beneficiaries equally, without favouritism or discrimination, and making decisions in the best interests of a trust as a whole. It requires a trustee to set aside personal preferences or relationships, to make decisions objectively, considering the needs and interests of all beneficiaries and where appropriate seeking independent advice.

Trustees bear the responsibility of communication and transparency. They maintain accurate records and accounts as well as keeping beneficiaries informed about the administration and management of a trust, providing regular updates as well as addressing concerns or enquiries.

A trustee faces and needs to adapt to change on a regular basis, whether it be market, industry and regulatory developments or client and business demands. Change is constant and an Abacus trustee understands and embraces this.

  • Personal

    Client relationships diligently managed by motivated directors

  • Proactive

    Anticipating needs, timely responses and attention to detail

  • Bespoke

    Onshore and offshore solutions to meet the goals of each client

Abacus Insights.

Change Cookie Preferences