Question
reword and expand: Nathan has a fiduciary duty to act in the best interest of the beneficiaries of the trust including the duty to invest
reword and expand: Nathan has a fiduciary duty to act in the best interest of the beneficiaries of the trust including the duty to invest (Keech v Stanford). Equity requires the trustee to carry out duties according to the standards of an ordinary prudent businessperson, regardless of the personal attributes of the trustee (Speight v Gaunt). Nathan must put aside his own interest and views (Cowan v Scargill) and abide by the standard of care in s14 of the Trustee Act. Nathan must keep the trust assets separate from the trustees own assets. He must limit the risk of mismanagement by keeping and rendering accounts. If he cannot the beneficiary can apply for an order to be prepared. Nathan should consider any legal or tax implications of the investment. This could include potential liabilities for the trust or tax consequences.
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