1. Sumary of duties
   1. Duties on taking up office
      1. Ensure properly appointed
      2. Become familiar with terms of trust
      3. Inquire into past business
   2. Keep property in joint names of all trustees
      1. or nominee
         1. TA 2000
   3. Observe terms of trust
   4. Distribute to correct beneficiaries
      1. If in doubt, should seek directions of court
   5. Invest funds in authorised investments
      1. under trust instrument or TA 2000
   6. Provide information
      1. Keep trust accounts
      2. Allow beneficiaries to inspect accounts
      3. Allow beneficiaries to inspect trust documents
   7. Duties regarding powers and discretions
      1. Not under a duty to exercise powers
      2. Must consider whether to exercise
      3. Must exercise unanimously
         1. unless authorised by trust instrument
   8. Act in best interests of all beneficiaries
   9. Act impartially between beneficiaries
      1. Balance interests of life tenant and remaindermen
   10. Act with reasonable care and skill
       1. taking into account special skills or knowledge
       2. if professional trustee, taking into account skills or knowledge expected of such a person
   11. Act personally
       1. Take active role in administration of trust
       2. Unless delegated under TA 2000
2. Investment duties
   1. Sources
      1. Trust instrument
         1. Can exclude other duties
            1. e.g. all except acting in good faith
      2. Trustee Act 2000
         1. applies retrospectively
         2. unless excluded by trust instrument
      3. Duties under general law
   2. Checklist
      1. Is there a trust instrument?
      2. Are the investments authorised?
         1. s3 TA 2000
            1. Any investment could have made if absolutely entitled to trust assets
            2. Loan must be secured on land
         2. s8 TA 2000
         3. Trust instrument
         4. Cook v Medway Housing Auth [1997]
            1. Is investment if expected to produce income
      3. Have the trustees complied with standard investment criteria?
         1. s4 TA 2000
            1. Is the type of investment appropriate?
            2. Is the particular investment suitable?
            3. Must consider diversification
         2. s5 TA 2000
            1. Must take proper advice unless consider it unnecessary
            2. Must review investments from time to time
      4. Have trustees complied with standard of care?
         1. s1 TA 2000
            1. Care and skill reasonable in circumstances
            2. Varies according to size of fund
            3. and skills of trustee
            4. higher for professionals
         2. Sch 1 TA 2000
         3. Re Whiteley
            1. Such care as is reasonable when investing for someone they are morally bound to provide for
      5. Have trustees complied with duties laid down by case law?
         1. Act in beneficiaries best interests
            1. Cowan v Scargill
            2. Need not take into account ethical considerations
         2. Act impartially
            1. between beneficiaries
            2. between life interests and remaindermen
         3. Duties when have controlling interest in private company shares
            1. Luckings WT
            2. If become directors, will be liable if supervision of other directors is negligable
            3. Bartlett v Barclays Bank Trust Co Ltd
            4. Must ensure have sufficient information about company
   3. Nestle v Nat West Bank plc [1993]
      1. Failure of trust fund to grow in line with what a prudent trustee would have achieved
         1. is evidence of breach of duty
   4. If yes to all of these, no breach of trust