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Trustees are the legal owners of the assets or land that form the subject of a Trust, but who are obliged to administer this subject on behalf of the trust's 'objects' (see object trust), that is, on behalf of a certain class of potential or actual beneficiaries. The duties, powers and responsibilities of the trustees of an express trust will usually be set out in writing in the trust instrument. In addition, equity requires that the trustees satisfy certain fiduciary obligations to the trust's objects.

Trust Law