Trustees are appointed to manage a trust on behalf of its beneficiaries. The Trustees are responsible for managing the financial affairs of the trust, which may include holding assets in trust, buying and selling property or shares, investing funds, paying bills and extracting income for the purpose of the trust. Every trustee is personally responsible to act in good faith and with integrity in their position. Trustees must file annual tax returns based on asset valuations and trading transactions of the trust. Keeping accurate books and records and preparing accounts, demonstrates that the trust is being correctly managed by the trustees.