Upon the appointment and acceptance by a trustee to act as one, there are duties which are expected of him in his position of trusteeship. The duties are:
- a. A trustee has the duty to distribute the income and capital of the trust to the beneficiaries according to the instrument of appointment and to shoulder the management or administration of the trust property.
- b. It is the duty of the trustee to ascertain the trust property and secure them by taking possession. Hallows v. Lloyds (1886) 39 Ch. D. 686.
- c. A trustee has the duty to account for the trust property. A.G Federation v. A.G Abia State (2002) FWLR (Pt. 102) 1.
- d. A trustee must act personally and delegate his duties under the trust to another.
- e. A trustee is expected to act gratuitously with remuneration irrespective of the onerous tasks he may have to perform. However, a trustee is entitled to remuneration where authorized by the instrument of appointment, by statute, the court, by the beneficiaries or where he acts on behalf of co-trustees professionally, example where he acts as solicitor on behalf co-trustees. Barrett v. Hartley (1866) L.R. 2 Eq. 786.
- f. It is a cardinal duty of a trustee to provide accounts of the trust property and equally furnish necessary information with regards to the trust property, as may be required by the beneficiaries.
- g. A trustee has a duty to invest the trust fund in order to grow it and ensure that the fund is not eroded and can invest the trust fund as the trust investment or the law may permit.
- h. A trustee is not to purchase the trust property. He may however purchase a beneficiary’s interest. Okesuji v. Lawal (1986) 2 N.W.L.R (Pt. 22) 417.