What power does the trustee have?
What power does the trustee have?
The trustee usually has the power to retain trust property, reinvest trust property or, with or without court authorization, sell, convey, exchange, partition, and divide trust property. Typically the trustee will have the power to manage, control, improve, and maintain all real and personal trust property.
What decisions can a trustee make?
Whether it is buying, selling, paying, or bartering, the Trustee calls the shots. That’s just how Trusts work. The Trustee is the legal owner, meaning he has the right to make ownership decisions.
What are the standard powers and duties of a trustee?
Duties and Powers of the Trustee. In general, a trustee’s duties are to administer the trust; specifically to hold, administer and distribute the assets of the trust estate in accordance with the trust agreement and applicable law.
What are the three roles of a trustee?
1) Duty to Administer Trust Governed by Instrument (Section 16000). 2) Duty of Loyalty to Beneficiaries (Section 16002). 3) Duty to Deal Impartially with Beneficiaries (Section 16003).
Which of the following is a duty of a trustee?
Other duties of a trustee are to pay the trust’s bills, maintain insurance for trust property, develop an investment strategy that balances cash flow with potential for asset growth with minimal or reasonable risk, oversee the investments, maintain detailed records, report promptly to beneficiaries, and make timely …
How is a trustee held accountable?
Trustees must follow the terms of the trust and are accountable to the beneficiaries for their actions. They may be held personally liable if they: Are found to be self-dealing, or using trust assets for their own benefit. Cause damage to a third party to the same extent as if the property was their own.
What is the position of a trustee?
A Trustee is a person who acts as a custodian for the assets held within a Trust. He or she is responsible for managing and administering the finances of a Trust per the instructions given. Often, the person who creates the Trust is the Trustee until they can no longer fill the role due to incapacitation or death.
What are at least 5 duties of a trustee?
Main Duties Of A Trustee
- Duty to the terms. A trustee must know and adhere to the terms of the trust which are prescribed by the trust deed.
- Duty of loyalty. Trustees have a fiduciary duty towards beneficiaries.
- Duty to manage the trust efficiently.
- Duty to act personally.
- Duty to consider the beneficiaries.
- Duty to account.