Section 501C.0813 — Duty To Inform And Report.
501C.0813 DUTY TO INFORM AND REPORT. (a) A trustee shall keep the qualified beneficiaries of an irrevocable trust reasonably informed about the administration of the trust and of the material facts necessary to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a beneficiary’s request for information related to the […]
Section 501C.0814 — Discretionary Powers; Tax Savings.
501C.0814 DISCRETIONARY POWERS; TAX SAVINGS. (a) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as “absolute,” “sole,” or “uncontrolled,” the trustee must exercise a discretionary power in good faith, in accordance with the terms and purposes of the trust and, in the […]
Section 501C.0815 — General Powers Of Trustee.
501C.0815 GENERAL POWERS OF TRUSTEE. (a) A trustee, without authorization by the court, may exercise: (1) powers conferred by the terms of the trust; and (2) except as limited by the terms of the trust: (i) all powers over the trust property which an unmarried competent owner has over individually owned property; (ii) any other […]
Section 501C.0816 — Specific Powers Of Trustee.
501C.0816 SPECIFIC POWERS OF TRUSTEE. Without limiting the authority conferred by section 501C.0815, a trustee may: (1) collect trust property and accept or reject additions to the trust property from a settlor or another person; (2) acquire or sell property, for cash or on credit, at public or private sale; (3) exchange, partition, or otherwise […]
Section 501C.0817 — Distribution Upon Termination.
501C.0817 DISTRIBUTION UPON TERMINATION. (a) Upon 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 30 days after the proposal was sent […]
Section 501C.0801 — Duty To Administer Trust.
501C.0801 DUTY TO ADMINISTER TRUST. Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter and all other applicable law. History: 2015 c 5 art 8 s 1
Section 501C.0802 — Duty Of Loyalty.
501C.0802 DUTY OF LOYALTY. (a) A trustee owes a duty of loyalty to the beneficiaries. A trustee shall not place the trustee’s own interests above those of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting the trustee as provided in section 501C.1012, a sale, encumbrance, or other transaction involving the […]
Section 501C.0803 — Impartiality.
501C.0803 IMPARTIALITY. If a trust has two or more beneficiaries, the trustee shall administer the trust impartially, giving due regard to the beneficiaries’ respective interests. History: 2015 c 5 art 8 s 3
Section 501C.0804 — Prudent Administration.
501C.0804 PRUDENT ADMINISTRATION. A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, and distribution requirements of the trust and all relevant circumstances. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. History: 2015 c 5 art 8 s 4
Section 501C.0807 — Delegation By Trustee.
501C.0807 DELEGATION BY TRUSTEE. (a) A trustee may delegate to any person, even if the person is associated with the trustee, duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in: (1) selecting an agent; (2) establishing the scope […]