§ 14-10820 – Fiduciaries; service as trustee; limitation
14-10820. Fiduciaries; service as trustee; limitation A person whose license as a fiduciary has been suspended or revoked pursuant to section 14-5651 may not serve as a trustee in any capacity unless the person is related to the beneficiary by blood, adoption or marriage. This prohibition does not apply if the person’s license has been […]
§ 14-10814 – Discretionary powers; tax savings
14-10814. Discretionary powers; tax savings A. Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of terms such as absolute, sole or uncontrolled, the trustee shall exercise a discretionary power in good faith as to only beneficiaries of the trust and creditors of the trust and […]
§ 14-10815 – General powers of trustee
14-10815. General powers of trustee A. A trustee, without authorization by the court, may exercise: 1. Powers conferred by the terms of the trust. 2. Except as limited by the terms of the trust: (a) All powers over the trust property that an unmarried competent owner has over individually owned property. (b) Any other powers […]
§ 14-10816 – Specific powers of trustee
14-10816. Specific powers of trustee Without limiting the authority conferred by section 14-10815, a trustee may: 1. Collect trust property and accept or reject additions to the trust property from a settlor or any other person. 2. Acquire or sell property, for cash or on credit, at public or private sale. 3. Exchange, partition or […]
§ 14-10817 – Distribution on termination; release of trustee
14-10817. Distribution on termination; release of trustee A. On termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within thirty days after the […]
§ 14-10818 – Trust protector
14-10818. Trust protector A. A trust instrument may provide for the appointment of a trust protector. For the purposes of this section, a person designated in the instrument with a status or title, other than that of a beneficiary, with powers similar to those specified in subsection B of this section, or designated in the […]
§ 14-10819 – Trustee’s special power to appoint to other trust
14-10819. Trustee’s special power to appoint to other trust A. Unless the terms of the trust instrument expressly provide otherwise, a trustee who has the discretion under the terms of a testamentary instrument or irrevocable inter vivos agreement to make distributions, regardless of whether a standard is provided in the trust instrument to or for […]
§ 14-10804 – Prudent administration
14-10804. 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.
§ 14-10805 – Costs of administration
14-10805. 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.
§ 14-10806 – Trustee’s skills
14-10806. Trustee’s skills A trustee who has special skills or expertise, or who is named trustee in reliance on the trustee’s representation that the trustee has special skills or expertise, shall use those special skills or expertise.