Explore the legal terms and concepts related to Trustee Powers & Duties. Click on any term below to learn more about its definition and applications.
What is the duty of loyalty?
A trustee has a fiduciary duty of loyalty to the beneficiaries, which prevents the trustee from purc...
What is the duty to earmark and segregate?
The duty to earmark & segregate requires the trustee to label trust property as trust property and n...
What is the duty to diversify?
A trustee is required to make prudent investments, which requires diversification and placing trust...
What is the Uniform Prudent Investor Act?
The Uniform Prudent Investor Act (UPIA) is a standard that sets out guidelines for trustees to follo...
In assessing a duty to invest what are state lists?
Some states have investment lists the trustee must follow in the absence of directions in the trust....
What is the duty to invest?
The duty to invest requires the trustee to act as a reasonably prudent person investing their own pr...
What is the duty of care?
A trustee must manage investments as a prudent investor would, and thus must exercise reasonable car...
What is the duty to perform personally?
A trustee can only delegate acts that are arguably unreasonable to require personal performance. How...
What is the duty to account?
The trustee must, on a regular basis, give the beneficiaries a statement of income and expenses of t...
What is the duty to act impartially?
A trustee has a duty to act impartially toward both the income and principal beneficiaries. A truste...
What are the trustee's duties?
(1) Duty to Perform Personally (2) Duty of Care (3) Duty to Invest (4) Duty to Diversify (5) Duty to...
What are the trustee's powers?
In addition to any enumerated powers, trustees have implied powers to: (1) sell trust property; (2)...
