The trustee is required to keep a clear and accurate account of the trust property and at all times, provide the same to the beneficiary upon the request of the beneficiary. 4. Trustees owe the following duties to beneficiaries: To preserve trust property Acting in good faith Loyalty to beneficiaries Impartiality Keep accurate records and information If the trust property is of such nature, that with time, it would keep on deteriorating and keep losing value, the trustee is required to convert, i.e. Rights of Beneficiaries Qld. When there are several beneficiaries of a trust, and one or more of such beneficiaries commit, or threaten to commit an act, which would be adverse to the interest of other beneficiaries and the trust in general, the trustee is required to take measures to stop such act of such beneficiary/beneficiaries. The indemnity must be reasonable and must have properly incurred in the course of your duties as trustee; If you are sued in your capacity as a trustee, you can claim your conduct as an incident of administration and you can be reimbursed for your legal fees. A trustee is the entity which holds the trust property. The trustee has the power to vary the conditions of the sale of trust property or even rescind such sale. When an owner of property places that property into trust, he or she turns over part or all of his or her rights to the trustee. In India, the law relating to Private Trusts is provided under the Indian Trusts Act, 1882. For example, they may compromise, compound, abandon the dispute or may even submit the dispute to arbitration. This was illustrated in Re Diplock [1947] Ch 716 (see below). An example is section 85 of the Trustee Act 1925 (NSW).The onus of proof lies on you as trustee, and you’ll need to satisfy the court that you acted: If you as a trustee incur losses due to breach of trust, you can hold all co-trustees jointly and severally liable to help recuperate the costs. Filter & Search Follow us on Instagram and subscribe to our YouTube channel for more amazing legal content. We also stock notes on Trusts as well as Law Notes generally. L. J. Search, compare and hire from Australia's largest lawyer marketplace, Read our free legal and business articles to get all the information you need, We've helped 130,000 Australians get smart and Trustees are the legal owner of trust assets and it is trustees who are liable for trust debts. When the duties of a trustee are complete, the trustee is entitled to have the accounts of the administration of the trust property examined and settled, and when no benefit is due to any beneficiary under the trust after the completion of the trustee’s duties, the trustee is also entitled to receive an acknowledgement to that effect. A Trustee acts as a fiduciary to the beneficiaries and as such is to exercise a high degree of care for the property entrusted to his possession. These trusts control assets worth billions of dollars. The word ‘Trust’ is used in common parlance as a word by which a confidence is denoted in one person by another person. Trustees have many responsibilities, which include at least: Confirming key elements upon assuming the role of trustee: Ensure the assets are safe and under your control, that you understand the terms of the trust and who the beneficiaries are, and that all past account records are in order. 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