What is the role of a trustee in a property trust?

The role of a trustee in a property trust primarily involves the management and administration of the trust. This means that the trustee is responsible for overseeing the assets held within the trust, ensuring that they are managed properly and in accordance with the terms set out in the trust agreement. The trustee acts in the best interests of the beneficiaries, making decisions related to the property, such as maintenance, investment, and distribution of income or assets. This role requires a fiduciary responsibility, meaning the trustee must act with loyalty and care for the beneficiaries.

While maintenance of property is certainly part of the broader responsibilities a trustee may have, it is just one component of their overall duties. An independent audit refers to a review process that ensures financial transparency and compliance but is not a primary function of the trustee itself. Ownership of the property under trust law is held by the trustee on behalf of the beneficiaries, meaning the trustee manages the property but does not truly "own" it in the same way that a person owns personal property. Thus, the correct understanding of the trustee's role is centered on management and administration, ensuring all actions taken align with the guidelines established by the trust.