Duty of Impartiality

Question 1

UTC 803 Impartiality

If a trust has 2 or more beneficiaries, the trustee shall act impartially in

Answer 1

act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries respective interests

Question 2

Duty of Impartiality

A trust can have multiple beneficiaries

Answer 2

A trust can have successive beneficaries (remainder) and multiple beneficaries at one time

Question 3

Duty of Impartiality

A trust can be successive beneficiaries (remainder) and multiple beneficiaries at one time
In both cases, the trustee must be

Answer 3

“impartial” in making distractions, but this requirement does not require them to treat the beneficiaries equally

Question 4

UTC 803 Impartiality

The duty to act impartially does not mean that the trustee must

Answer 4

treat the beneficiaries equally
Rather, the trustee must trea the beneficiaries equitably in light of the purposes and terms of the trust

Question 5

UTC 803 Impartiality

sole beneficiary

Answer 5

still need to act impartially
(ex. need to grow the mony for trustees that are not currently there)

Question 6

to act impartially means

Answer 6

treat equally in light of purposes and terms of the trust

Question 7

Impartiality

Settlor should inlclude guidence as to whose interests are primary and secondary or else

Answer 7

duty impose by default