What are the three duties of a trustee?

The duty of loyalty requires a trustee to act in the best interests of the trust and its beneficiaries. This means that the trustee must not use the trust’s assets for their own benefit, or for the benefit of any other person or entity. The trustee must also avoid any conflicts of interest, and must not take advantage of their position as trustee. 

The duty of care requires a trustee to act with the same level of care and diligence that a reasonable person would use in similar circumstances. This means that the trustee must be knowledgeable about the trust and its assets, and must make decisions that are in the best interests of the trust and its beneficiaries. The trustee must also keep accurate records of all transactions and investments, and must ensure that the trust’s assets are properly managed and protected. 

The duty of impartiality requires a trustee to act fairly and impartially when making decisions about the trust and its assets. This means that the trustee must not favor one beneficiary over another, and must not make decisions based on personal interests or biases. The trustee must also ensure that all beneficiaries are treated equally and that all decisions are made in the best interests of the trust and its beneficiaries.