TRUSTEE DUTIES

The following is a list of the duties of a Trustee. If you have any question regarding these responsibilities please feel free to contact us.

Upon Acceptance of a Trusteeship

• Administer in accordance with its' terms an purposes.
• Administer the trust in good faith.
• Administer in the interests of the beneficiaries.

Duty of Loyalty

• Administer the trust solely in the interest of the beneficiaries.

Impartiality

• Trustee shall act impartially while investing or managing or distributing the trust property giving regard to beneficiaries respective interests.

Prudent Administration

• Administer the trust as a prudent person would consider the purposes, terms, distributional requirements, and other circumstances of the trust.
• Exercise reasonable care, skill and caution.

Costs of Administration

• Incur only costs that are reasonable to the trust property.
• The purposes of the trust and skills of the trustee.

Trustee’s Skills

• A trustee who has special skills or expertise is named trustee in reliance upon the trustee’s representation, that the trustee has special skills or expertise and shall use those special skills or expertise.

Powers to Direct

• While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust.

Control and Protection of Trust Property

• A trustee shall take reasonable steps to take control to protect the trust property.
• Record Keeping and Identification of Trust Property
• A trustee shall keep adequate records of the administration of the trust.

Enforcement and Defense of Claims

• A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.

Collecting Trust Property

• A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee and to redress a breach of trust known to the trustee to have been committed by a former trustee.

Duty to Inform and Report

• Keep the qualified beneficiaries of the trust reasonably informed.
• Concerning administration of the trust and material facts necessary to protect their interests.

Discretionary Powers—Tax Savings

• Trustee shall exercise discretionary power in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries.

General Powers of Trustee

• A trustee, without authorization by the court, may exercise: powers conferred by the trust except as limited by terms of the trust other powers to achieve proper investment, management & distribution of trust property.

Distribution upon Termination

• Upon termination of a trust, the trustee sends to the beneficiaries a proposal for distribution.
• The right of any beneficiary to object to the distribution terminates if the beneficiary does not notify within 30 days after the proposal was sent.

Delegation by Trustee

• Trustee may properly delegate under certain circumstances, duties & powers to a prudent trustee of comparable skills.