HOW WILL THE ACT CHANGE MY ROLE AS A TRUSTEE?
Tags: Business

Balance CA Balance CA Updated: June 05, 2023 Jan 20, 2024 2:39:48 PM

Up until now, a trustee’s job description has been clear as mud with many families getting into strife unaware of their trustee’s responsibilities. If the new bill comes into place, a trustee’s role will be clearly outlined, and include:

  • Knowing the terms of the trust
  • Acting according to the terms of the trust
  • Acting honestly and in good faith
  • Acting for the benefit of the beneficiaries or the permitted purpose of the trust
  • Exercising trustee powers for a proper purpose