Duties of a Trust
Trustees must follow certain statutory rules and as well as any terms outlined in the trust Deed. In general, most things which a person should or would want to do with their own money or assets can be done by the trustees. For example, trustees can open and operate a trust bank account, invest money and buy and sell property.
However, the trustees should always seek the appropriate advice before making any of these decisions. The role of a trustee should not be undertaken lightly. Trustees can be held personally liable for any mistakes they make and a trust will often continue for many years (to a maximum of 125 years) known as the perpetuity period.
For these reasons, settlors will often choose to appoint professional trustees.