chapter  11
32 Pages

DUTIES OF TRUSTEES

Having accepted the trusteeship, a trustee must observe the duties placed upon him. The duties are onerous. As Lord Hardwicke once said:1 'A trust is an office necessary in the concerns between man and man and, if faithfully discharged, is attended with no small degree of trouble and anxiety ... It is an act of great kindness in anyone to accept it.' As Parker and Mellows put it:2 'The interest of the beneficiaries will only be adequately protected if the trustees are scrupulously honest; prepared to give adequate time to the administration of the trust; have enough common sense and business acumen to do well with the trust property; and are able to treat fairly beneficiaries with possibly conflicting interests, such as tenant for life and remainderman.'