The Trustee Act is a piece of legislation that governs the duties and responsibilities of trustees in managing trusts. It outlines the legal framework for how trustees should act in the best interests of beneficiaries, ensuring that trust assets are managed prudently and transparently. The Act also provides guidelines on investment decisions and the powers trustees have in administering the trust. Additionally, the Trustee Act establishes the rights of beneficiaries, allowing them to hold trustees accountable for their actions. It aims to protect the interests of those who benefit from trusts, such as family members or charities, ensuring that trustees fulfill their obligations effectively and ethically.