Trustees look after assets that belong to someone else, and the law holds them to strict standards in doing so. As a solicitor you will both advise trustees on staying within the rules and act for beneficiaries when a trustee has fallen short. That means knowing precisely what trustees must do, what counts as a breach, what it costs them, and what defences they can raise. This lesson gives you that whole picture, from appointment through to liability and relief.
What this lesson covers:
- The Standards of Care — the statutory and common law standards that govern trustees, and when each applies.
- Duties on Taking Office — what a newly appointed trustee must check, secure, and investigate from day one.
- Duties When Exercising Discretions — acting impartially, unanimously, without fettering discretion, and the rule on giving reasons.
- Investment Duties — the standard investment criteria, diversification, ongoing review, and taking proper advice.
- Liability and Remedies for Breach of Trust — proving breach and loss, causation, joint liability, and the remedies available to beneficiaries.
- Defences, Relief and Exemption Clauses — limitation, consent, statutory relief, exemption clauses, and the irreducible core that can never be excluded.