p. 59312. The Administration of Trusts
- Paul S DaviesPaul S DaviesProfessor of Commercial Law, University College London
- and Graham VirgoGraham VirgoQC (Hon) Professor of English Private Law; Senior Pro-Vice Chancellor (Education), University of Cambridge, Bencher, Lincoln's Inn.
All books in this flagship series contain carefully selected substantial extracts from key cases, legislation, and academic debate, providing able students with a stand-alone resource. This chapter elaborates on the issues regarding the administration of a trust and its relation to the trustees. Trustees are responsible for the administration of the trust and are subject to certain duties and have a number of powers relating to trust administration. To assist with the administration of the trust, trustees have the option, collectively and individually, to delegate certain functions to others. They are required to perform their administrative responsibilities diligently, and are subject to a duty to comply with the standard of skill and care expected of all trustees. Trustees have a duty to act in the interests of all the beneficiaries, maintaining a fair balance between them. They are also responsible for safeguarding the trust assets for the benefit of all beneficiaries, and, as such, have a duty to invest trust assets in the best interests of present and future beneficiaries.