What is the standard of care required of a trustee in administering an estate?

The standard of care required of a trustee in administering an estate is “that of a man of ordinary prudence in managing his own affairs”: Fales v. Wohllenben Estate, 1976 CanLII 14 (SCC), [1977] 2 S.C.R. 302, 1976 CarswellBC 240, at para. 32. Said differently, “[t]he court puts itself in the position of the trustees at the time of the disputed conduct, and considers what the prudent business person would have done in light of the facts as they were then known and the prevailing opinion among business people at that time”: Waters’ Law of Trusts in Canada, 4th ed. (Toronto: Carswell, 2012), at p. 1328.