principle and agency relationship

There is no straightforward parallel between principals-agents and trusts--trustees-beneficiaries. In principal-agent relationships (like shareholders-directors) the principal is in control and has ownership of the property. Ultimately, the agent must take instructions from the principal and act in the principals best interests. In trusts, the trustees own the property and must act in accordance with the trust deed as set up by the original settlors. The beneficiaries do not act as agents; they owe no duties to the trustees and are not acting in the best interests of the trustees. If anything, the trustees are like the agents of the trust and can be personally liable for mistakes they make - like negligent management or disbursing sums not in accordance with the trust deed.

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