A trustee is an individual or corporation which administers the trust for the benefit of the beneficiary, in accordance with the terms of the trust.
Some of the duties of a trustee are:
- knowing the trust and the assets subject to it;
- obeying the terms of the trust;
- acting impartially between the beneficiaries;
- exercising reasonable care;
- investing the trust fund as directed by the trust or as the law provides;
- seeing that trust funds are paid to the right persons;
- acting jointly when there is more than one trustee;
- providing prompt accounts; and
- acting gratuitously unless the trust instrument or the law says otherwise.
A trustee must not:
- delegate his or her duties or powers; or
- profit in any way from the trust property.