An arrangement whereby property is managed by one or more individuals or organisations (the trustee/s) for the benefit of another / others (the beneficiary / beneficiaries). The trust is often created by the original owner of the property (the settler), who usually appoints the first trustees and then a board of trustees selects subsequent trustees as required. The settler may also appoint another person (a protector) with the power to dismiss a trustee / trustees if he / she believes they are failing in their fiduciary responsibilities (common law duties of loyalty and trust). The settler draws up the governing document which sets out how the trust should be managed. This is known as the trust deed. Until the point at which trust property is passed to the beneficiary, trustees are the legal owners of the property. They must protect trust property and manage the trust in the best interests of the beneficiary. This includes investing trust funds in the most productive way and carrying out all the necessary administration, for example, the completion and filing of tax returns and other records relating to the trust.