A recent article by Rob Stock, money editor of the Sunday Star Times, outlined a list that he called ‘The Butler List’ which comes from a book titled ‘Equity and Trusts in New Zealand’ by Andrew Butler. 


In the book Butler lists common rules that trustees must follow and it’s just a good reminder - as Rob Stock calls it ‘a good wakeup call’ - for trustees to run through the list to ensure that their trust is not considered a sham trust. 






The Butler list defines trustees responsibilities as:


Kniow and understand the trust deed


Adhere to the trust deed


Maintain impartiality between beneficiaries


Act in the best interests of the beneficiaries


Not profit from trusteeship


Avoid conflicts of interest


Invest the trust funds (obviously where applicable)


Not delegate their duties to others


Be active


Act unamimously


Pay correct beneficiaries


Kepp proper accounts and provide information as required