What are the obligations of a fiduciary?

A trustee is a fiduciary. All of the obligations imposed by the courts of equity upon fiduciary also apply to trustees. A trustee is required to act in a selfless manner, for the sole benefit of the beneficiary; the trustee is prevented from preferring his or her own interest or the interest of any third party to that of the beneficiary; the trustee must make full disclosure to the beneficiary of all material facts; the trustee must not personally deal with a trust property to his or her benefit. Hodgkinson v. Simms (1994) 1994 CanLII 70 (SCC), 117 D.L.R. (4th) 161 (S.C.C.).