Trustees have a fiduciary relationship with beneficiaries, meaning they owe them certain duties such as loyalty, impartiality, prudence, confidentiality, and accounting.
A trustee cannot profit from their position unless authorized by law or the terms of the trust instrument.
The duty to act impartially means that trustees must treat all beneficiaries equally and not favor one over another.
Statutory and common law duties when looking after the running of a trust
No profit rule
Bray v Ford (1896)
Consequences of breach of duty or exceeding powers
