This article develops a conceptual approach for managing a consolidated set of individual forest trusts to meet the fiduciary responsibilities of the trust manager. An important tenet of trust management is to manage each trust with undivided loyalty. Consolidated management of a set of trusts is permissible so long as each individual trust benefits, although each need not benefit equally. Individual trust-by-trust analysis is required to demonstrate that a consolidated management plan is beneficial to each individual trust and that joint benefits of such management are equitably distributed. The approach proposed below is discussed within the context of a consolidated Habitat Conservation Plan developed for Washington State's forestlands. Natural Resources Journal 40(3):479-497.