(a) That's wrong. A trustee's duties to the beneficiaries are determined by the provisions of any instrument of trust, by legislation and by the rules of equity. In summary, a trustee's duties include the following:
To use the trust assets in accordance with the terms of the instrument of trust, and for the benefit of the beneficiaries.
Generally, to act in person rather than employing another person to administer the trust. If a trustee needs assistance to carry out work for which they themselves are not qualified, they may employ the services of a suitable person such as a lawyer or accountant.
To care for and preserve the trust property. A trustee is required to exercise due care in carrying out the terms of the trust, and should not take unnecessary speculative risks.
Keep proper accounts of all transactions, and make them available to the beneficiaries.
A trustee is not allowed to make profits for themselves from the administration of the trust property.
A trustee must act in accordance with good faith and not do anything that conflicts with their duties as trustee.
A trustee is not entitled to be paid for their work as trustee, unless such payment is authorised by the terms of the instrument of trust. However, a trustee is entitled to reclaim expenses properly incurred as trustee, and to be indemnified for losses as long as they are not the result of any breach of duty by the trustee.