Tag: trust

Trust property is held on trust by the trustee for the benefit of the beneficiaries.  This means, the trustee is the legal owner of the trust property.  Beneficiaries are entitled to the benefit of the trust property.  There are many obligations imposed on trustees, including acting in the utmost good faith and avoiding conflict transactions.  Conflict transactions arise where the trustee has personal interests, which do not align with the best interests of the beneficiaries.  Trusts are governed by relevant legislation and the terms of the trust deed.