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 […]
Section 14.5-807 – Delegation of Duties and Powers
(a) (1) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances to an agent, even if the agent is associated with the trustee. (2) A trustee shall exercise reasonable care, skill, and caution in: (i) Selecting an agent; (ii) Establishing the scope and terms of the delegation, consistent with […]
Section 14.5-703 – Cotrustees
(a) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. (b) A cotrustee shall participate in the performance of the function of a trustee unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other temporary incapacity or the cotrustee has properly delegated […]
Section 14.5-808 – Actions Contrary to Trust Terms; Advisers and Fiduciaries
(a) While a trust is revocable, the trustee may follow a written direction of the settlor that is contrary to the terms of the trust. (b) (1) (i) Except as provided in paragraph (2) of this subsection, if the terms of a trust confer on one or more persons, other than the settlor of a revocable trust, a power […]
Section 14.5-704 – Vacancies
(a) A vacancy in a trusteeship occurs if: (1) A person designated as trustee rejects the trusteeship; (2) A person designated as trustee cannot be identified or does not exist; (3) A trustee resigns; (4) A trustee is disqualified or removed; (5) A trustee dies; (6) A guardian of the person or guardian of the property is appointed for an individual serving […]
Section 14.5-809 – Control and Protection of Trust Property; Exception
A trustee shall take reasonable steps to take control of and protect the trust property, except that this duty does not apply to, and the trustee is not responsible for, items of tangible personal property that are property of a trust that is revocable by the settlor and that are not in the possession or […]