§ 35-15-803. Impartiality
If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries’ respective interests.
§ 35-15-804. Prudent Administration
A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution.
§ 35-15-805. Costs of Administration
In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.
§ 35-15-711. Directed Trusts; Accepting or Declining Fiduciary Appointment
A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee already being provided for in § 35-15-701(a), may accept its appointment as such respective fiduciary in a like manner as provided for a trustee under § 35-15-701(a). A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee […]
§ 35-15-712. Directed Trusts; Fiduciary’s Bond
Section 35-15-702 applies to trust advisors, trust protectors or other fiduciaries other than cotrustees, such cotrustees already being provided for in § 35-15-702. When exercising its powers under this section, the court shall consider the powers, duties and liabilities relative to such respective fiduciaries other than a cotrustee and whether any of such respective fiduciaries […]
§ 35-15-713. Vacancy; Directed Trusts
Except as otherwise provided by the terms of the trust upon obtaining knowledge of a vacancy in the office of trust advisor or trust protector, the trustee shall be vested with any fiduciary power or duty that otherwise would be vested in the trustee but that by the terms of the trust was vested in […]
§ 35-15-714. Directed Trusts; Resignation of Fiduciary
A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee’s resignation already being provided for in § 35-15-705, may resign its appointment as such respective fiduciary in a like manner as provided for a trustee under § 35-15-705. When exercising its powers under this section relative to resignation, the court shall […]
§ 35-15-715. Directed Trusts; Removal of Fiduciary
A trust advisor, trust protector or other fiduciary other than a cotrustee, such cotrustee’s removal already being provided for in § 35-15-706, may be removed as such respective fiduciary in a like manner as provided for a trustee under § 35-15-706. When exercising its powers under this section relative to removal of such respective fiduciary, […]
§ 35-15-801. Duty to Administer Trust
Upon acceptance of a trusteeship, the trustee shall administer the trust until such time as the trust terminates or a successor trustee is appointed and all assets are delivered in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter.
§ 35-15-701. Accepting or Declining Trusteeship
Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship: By substantially complying with a method of acceptance provided in the terms of the trust; or If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by […]