Your responsibilities as a trustee
If you have been given the role of trustee of a particular UK trust, it is your duty to ensure that the assets contained within the trust are managed properly for the stated specific period of time.
Primarily, you will have what is known as a “fudiciary duty” to ensure that you act in the best interests of the beneficiaries of the trust, at all times, putting aside any personal conflicts or interests, if applicable.
In most instances, you will simply be bound to act on the instructions given within the trust, carrying them out to the letter. However, with some types of trust, such as the discretionary trust, you will be relied upon to act as you see fit, with the sole aim of maximising the value of the assets for the benefit of those who stand to gain from them.
The good news is that you as a trustee are not generally liable for any personal losses – provided you can demonstrate that you acted in good faith and in the best interests of the beneficiaries at all times. This of course applies only to the value of the assets being held in trust. Should any losses occur over this value, then you will be held personally liable.