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Word Count: 1,706
It is the duty of a trustee to administer the trust in accordance with the terms expressed by the settlor and the principles of equity A trustee has various duties which must be performed at the outset of the trust For example a trustee is under a duty a to invest the trust property prudently and in the accordance with the statue and the terms of the trust b to protect the interest of the beneficiaries or to sell the trust property to convert to investments c to keep accounts and records d not to make profit from the trust eto distribute the property to those entitled However I would only concentrate on the trustees duty not to make profits at the expense of the trust the effect of the conflict of interest and unjust enrichment A trustee may not make any profit from the fact that he acts as trustee equity prohibits a trustee from making any profit by his management directly or indirectly For however innocent an act of this nature may be in itself it is poisonous with regard to its consequence If any opportunity be given for making profits in this manner a trustee will lose sight of his duty and soon learn to direct his management chiefly or solely for his own benefit Therefore a trustee is not permitted unless expressly or impliedly so authorised by the settlor to obtain any indirect or incidental profit or gain by reason of the fact that he is a trustee There are a few ways that a trustee can profit at the expense of the trust through remuneration the exercise of a trustees power the exercise of rights attaching to legal ownership and the use of knowledge or position Most trusts contain express remuneration clauses in the trust instrument If it is not expressly stated in the trust the trustee is not supposed to receive remuneration he is to
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