Trusts Flashcards
1
Q
A
2
Q
What is the default rule governing a trustee’s obligations for investment
A
Virginia Uniform Prudent Investor Act is the default rule governing the standards that a trustee must meet when investing trust assets that can be altered by the terms of the trust. A trustee must invest and manage trust assets as a prudent investor would, exercising reasonable care, skill, and caution.
3
Q
What is a trustee’s obligation for impartiality
A
The duty of impartiality requires that the trustee consider the interests of both present and future beneficiaries when deciding on trust investments, balancing of interests between income beneficiaries and remaindermen.
