1.1 The Origin of the Duty Owed
By definition, a trust creates duties owed by the trustee to the beneficiary. These duties, fiduciary in character, inform the core definition of a trust: “A trust … is a fiduciary relationship with respect to property for the benefit of another person.”
The nature and scope of these duties depend, of course, on the terms of the trust as well as on the application of “an unusually high standard of ethical and moral conduct” owed by the trustee to the beneficiary that is inherent in the office of being a fiduciary.
* Frederick R. Franke, Jr., Annapolis, Maryland, Copyright 2011.