Section 14.5-815 – Powers of Trustee Without Authorization of Court
(a) A trustee, without authorization by the court, may exercise: (1) Powers conferred by the terms of the trust; or (2) Except as limited by the terms of the trust: (i) All powers over the trust property that an unmarried competent owner has over individually owned property; (ii) Other powers appropriate to achieve the proper investment, management, and distribution of […]
Section 14.5-816 – Powers of Trustee in General
(a) A trustee has those powers enumerated in the trust instrument. (b) Without limiting the authority conferred by § 14.5–815 of this subtitle and § 15–102 of this article, a trustee may exercise the powers specified in this section. (c) With respect to possible liability for violation of environmental law, a trustee may: (1) Inspect or investigate property the […]
Section 14.5-817 – Distribution on Termination or Partial Termination of Trust
(a) (1) On termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. (2) The right of a beneficiary to object to a proposed distribution under paragraph (1) of this subsection terminates if the beneficiary does not notify the trustee of an objection within 60 days after the proposal was […]
Section 14.5-802 – Conflict Between Fiduciary and Personal Interests of Trustee
(a) A trustee shall administer the trust solely in the interests of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting the trustee as provided in § 14.5–909 of this title, a sale, an encumbrance, or any other transaction involving the investment or management of trust property entered into by the trustee for […]
Section 14.5-803 – Two or More Beneficiaries
If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the respective interests of the beneficiaries.
Section 14.5-804 – Standard for Administration
(a) A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. (b) In satisfying the standard described in subsection (a) of this section, the trustee shall exercise reasonable care, skill, and caution.
Section 14.5-805 – Incursion of Allowable Costs
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.
Section 14.5-701 – Acceptance or Rejection of Trusteeship
(a) Except as otherwise provided in subsection (c) of this section, a person designated as trustee accepts the trusteeship: (1) By substantially complying with a method of acceptance provided in the terms of the trust; or (2) If the terms of the trust do not provide a method of acceptance of the trusteeship or the method provided in […]
Section 14.5-806 – Trustee With Special Skills or Expertise
A trustee that has special skills or expertise, or is named trustee in reliance on the representation of the trustee that the trustee has special skills or expertise, shall use those special skills or expertise.
Section 14.5-702 – Bond
(a) A trustee shall give bond to secure performance of the duties of the trustee only if the court: (1) Finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust; and (2) Has not dispensed with the requirement. (b) (1) The court may specify the amount of a […]