How will the Act change my role as a trustee?
Up until now, a trustee’s job description has been clear as mud with many families getting into strife unaware of their trustee’s responsibilities.
If the new bill comes into place, a trustee’s role will be clearly outlined, and include:
- Knowing the terms of the trust
- Acting according to the terms of the trust
- Acting honestly and in good faith
- Acting for the benefit of the beneficiaries or the permitted purpose of the trust
- Exercising trustee powers for a proper purpose