p. 38211. Fulfilling and filling the office of trustee
- Gary WattGary WattProfessor of Law, University of Warwick
Abstract
As the legal owners of trust property, trustees enjoy all the legal powers of an absolute owner, including the power to sell, lease, mortgage, and otherwise manage and invest trust assets. However, trusteeship involves not only holding property belonging to another, but also the responsibility of managing trust property in accordance with the terms of the trust instrument and the general law. This chapter examines the duty of care and the duty to exercise a sound discretion in the context of trustee investment, arguing that the office of trustee must be filled if it is to be fulfilled. It also discusses the many different ways in which the law maintains a fine balance between the strict enforcement of trust duties and the need to attract persons to accept trust office. Furthermore, the chapter describes the duty to act fairly and the duty of personal service.
