Describe trustees.

Describe trustees.

• A. They manage trusts, must be of sound mind, and act jointly, owning the trust property as joint tenants.
• B. They control only the income, must be over 25, and may act independently.
• C. They are not responsible for the trust property.
• D. They are appointed by the beneficiaries and hold property as tenants in common.

Answer: (A)

Trustees are the people entrusted with running a trust. Their job is to manage the trust in accordance with the trust deed and for the benefit of the beneficiaries, handling both the income and the capital of the trust as required. They must have enough mental capacity to understand and fulfil these duties, and when there is more than one trustee they typically act together, making decisions jointly to ensure proper governance and accountability. The property held by the trust sits with the trustees, not in their personal names; they hold it on trust for the beneficiaries, effectively linking their management to the beneficiaries’ interests. This explains why the description of trustees as those who manage, must be of sound mind, and act jointly, with the trust property held for the beneficiaries, is the best fit.

Trustees are the people entrusted with running a trust. Their job is to manage the trust in accordance with the trust deed and for the benefit of the beneficiaries, handling both the income and the capital of the trust as required. They must have enough mental capacity to understand and fulfil these duties, and when there is more than one trustee they typically act together, making decisions jointly to ensure proper governance and accountability. The property held by the trust sits with the trustees, not in their personal names; they hold it on trust for the beneficiaries, effectively linking their management to the beneficiaries’ interests. This explains why the description of trustees as those who manage, must be of sound mind, and act jointly, with the trust property held for the beneficiaries, is the best fit.