§ 707. Delivery of property by former trustee
§ 707. Delivery of property by former trustee (a) Unless a cotrustee remains in office or the Probate Division of the Superior Court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a […]
§ 708. Compensation of trustee
§ 708. Compensation of trustee (a) If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances. (b) If the terms of a trust specify the trustee’s compensation, the trustee is entitled to be compensated as specified, but the Probate Division of […]
§ 709. Reimbursement of expenses
§ 709. Reimbursement of expenses (a) A trustee is entitled to be reimbursed out of the trust property, with reasonable interest as appropriate, for: (1) expenses that were properly incurred in the administration of the trust; and (2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred […]
§ 801. Duty to administer trust
§ 801. 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 title. (Added 2009, No. 20, § 1.)
§ 802. Duty of loyalty
§ 802. Duty of loyalty (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 section 1012 of this title, a sale, encumbrance, or other transaction involving the investment or management of trust property entered […]
§ 803. Impartiality
§ 803. Impartiality If a trust has two or more beneficiaries, the trustee shall act impartially in administering the trust, giving due regard to the beneficiaries’ respective interests. (Added 2009, No. 20, § 1.)
§ 804. Prudent administration
§ 804. 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. (Added 2009, No. 20, § 1.)
§ 805. Costs of administration
§ 805. 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. (Added 2009, No. 20, § 1.)
§ 806. Trustee’s skills
§ 806. Trustee’s skills A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee’s representation that the trustee has special skills or expertise, shall use those special skills or expertise. (Added 2009, No. 20, § 1.)
§ 807. Delegation by trustee
§ 807. Delegation by trustee (a) A trustee may delegate 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 and terms of the delegation, consistent with the purposes and terms […]