Duties and powers of trustees
The office of trustee is subject to a wide-ranging group of duties. A trustee has control of the trust property and is regarded as a fiduciary and, on that basis, owes a collection of special duties to the beneficiaries. The overriding obligation of the trustee is to act in the best interests of all the beneficiaries and not to allow his interests to conflict with his duties. The duties of a trustee are varied and extremely onerous. They are required to be executed with the utmost diligence and good faith. Otherwise he will be liable for breach of trust. Throughout the administration of the trust the trustee is required to exhibit an objective standard of skill as would be expected from an ordinary prudent man of business. The law requires of a trustee no higher degree of diligence in the execution of his office than a man of ordinary prudence would exercise in the management of his own private affairs.