(a) Except as otherwise provided in subsection (c), 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 or the method provided in the terms is not expressly […]
(a) A trustee shall give bond to secure performance of the trustee’s duties only if a court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. (b) A court may specify the amount […]
(a) Cotrustees who are unable to reach a unanimous decision may act by majority decision. (b) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. (c) A cotrustee must participate in the performance of a trustee’s function unless the cotrustee is unavailable to perform the function because of absence, […]
(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; or (6) a guardian of the person or conservator is […]
(a) A trustee may resign: (1) upon at least thirty (30) days’ notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or (2) with the approval of a court. (b) In approving a resignation, a court may issue orders and impose conditions reasonably necessary for the protection of the trust property. (c) […]
(a) The settlor, a cotrustee, or a beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative. (b) A court may remove a trustee if: (1) the trustee has committed a serious breach of trust; (2) lack of cooperation among cotrustees substantially impairs […]
(a) Unless a cotrustee remains in office or a 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 trustee and the powers necessary to protect the trust property. (b) A 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 court may allow more or less compensation if: […]
(a) A trustee is entitled to be reimbursed out of the trust property, with 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 in the administration of the trust. […]
