What does a Trustee have to do?
There are various rules that a Trustee must comply with which include (but this is not an exhaustive list):
- Records should be kept for tax purposes. More information can be found here.
- The trust assets must be kept separate from the Trustee’s own money.
- A Trustee must always be prepared to produce accounts to show how the funds are being looked after.
- A Trustee should look after the trust assets with a greater degree of skill and care then they would otherwise look after their own assets.
- A Trustee is required by the Trustee Act 2000 to take investment advice when looking after Trust Assets.
- A Trustee should not benefit themselves by virtue of their position as a Trustee.