Powers and Duties of Trustees

Question 1

Trustee powers are established by

Answer 1

Trust instrument and statutes

Question 2

Delegation of Duties of a Trustee

Answer 2

1. Exercise RC, skill and caution in selecting the agent, establishing the scope of the delegation, and periodic review.

Question 3

Duties of a Trustee

Answer 3

1. Must administer trust in GF, in accordance w/ its provisions and purposes. Loyalty, prudence, and care.
2. duty to inform B’s
3. duty to account
4. duty to distribute income
5. duty of loyalty
6. duty to act impartially
7. duty to apportion income and principal
8. entitlement to income

Question 4

B’s have a C of A against T for breach or prospective breach w/ remedies such as:

Answer 4

1. Dmgs
2. compel T to perform duties
3. Injunction
4. appoint a temp T
5. remove T
6. reduce/deny compensation

Question 5

GA RAP

Answer 5

GA has adopted the wait and see rule: A non-vested prop interest is valid if: it is either certain to vest w/n the CL period OR it actually does vest or terminate w/n 90 years of creation.