On acceptance of a trusteeship, the trustee shall administer the trust reasonably under the circumstances, in accordance with the terms and purposes of the trust and the interests of the beneficiaries, and in accordance with this title.
(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 […]
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.
(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.
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.
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.
(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 […]
(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 […]
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 […]
(a) A trustee shall keep adequate records of the administration of the trust. (b) A trustee shall keep trust property separate from the property of the trustee. (c) Except as otherwise provided in subsection (d) of this section, a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent […]
(a) A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust. (b) A trustee may abandon a claim that is unreasonable to enforce or assign the claim to one or more of the beneficiaries of the trust holding the claim.
(a) A trustee is not liable to the beneficiary for a breach of trust committed by a former trustee. (b) A trustee is liable to the beneficiary for a breach of trust if the trustee: (1) Knows or should know of a situation constituting a breach of trust committed by a former trustee and the trustee improperly permits […]
(a) Unless unreasonable under the circumstances, a trustee shall promptly respond to the request of a qualified beneficiary for information related to the administration of the trust, including a copy of the trust instrument. (b) (1) A trustee: (i) Within 60 days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee’s name, […]
(a) None of the following powers conferred on a trustee by the governing instrument may be exercised by that trustee: (1) The power to make discretionary distributions of either principal or income to, or for the benefit of, the trustee in the individual capacity of the trustee, unless limited by an ascertainable standard relating to the health, […]
(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 […]
(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 […]
(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 […]
