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The trustee is the legal owner of the assets held in trust on behalf of the trust and its beneficiaries. The beneficiaries are equitable owners of the trust property. Trustees have a fiduciary duty to manage the trust for the benefit of the equitable owners. Trustees must provide regular accountings of trust income and expenditures.
Fiduciary duties in a financial sense exist to ensure that those who manage other people's money act in their beneficiaries' interests, rather than serving their own interests. A fiduciary duty [5] is the highest standard of care in equity or law.
These resources aim to help members in the areas of fiduciary duties, [26] governance, [26] orientation and onboarding, [27] student success, [28] and conflicts of interest. [26] AGB developed self-paced orientation courses that cover subjects such as governance, fiduciary responsibilities, and board composition and culture.
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The trustee must also keep adequate records of the administration of the trust generally. [66] All trust property must stay separate from the trustee's own personal property and must not be "commingled." [67] A trustee can hold certain securities, usually publicly traded ones, in a "street name" or nominee registration for ease of management. [68]
Ninth, a trustee or another person in a fiduciary position, who breaches a duty and makes a profit out of it, has been held to hold all profits on constructive trust. For instance in Boardman v Phipps , [ 197 ] a solicitor for a family trust and one of the trust's beneficiaries, took the opportunity to invest in a company in Australia, partly ...
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Trustees [2] have certain duties (some of which are fiduciary). These include the duty to: Carry out the expressed terms of the trust instrument. [3] Trustees are bound to act in accordance with the terms of the trusts upon which the trustee holds trust property, and commit a breach of trust by departing from the terms of the trust. [4]