When there is a potential legal claim involving a trust, the trustee must act. A trustee has the duty to evaluate affirmative claims of the trust and to pursue those claims when enforcement would benefit the trust. A trustee...more
The duty of record keeping and identification of trust property requires that a trustee maintain the material information necessary to protect the beneficiaries’ interests. Not only is maintaining the records its own duty,...more
The duty of control, protection and delivery seems straightforward enough. It requires a trustee to “take reasonable steps” to collect the trust property, safely hold it and distribute it as required by the trust instrument....more
Prudent administration of a trust requires the trustee to exercise reasonable care. Most significantly, the trustee must follow the Prudent Investor Act. It generally requires the trustee to evaluate the merits of any...more
When a trust has multiple beneficiaries, the trustee must treat all of them fairly. This is easier when all the beneficiaries are in the same class. It becomes more difficult when dealing with income and remainder...more
The most basic of a trustee’s duties is to administer the trust. Everything else builds from there. The trustee must administer the trust in good faith and in accordance with its terms and purposes and the interests of the...more
You’ve just discovered that you’ve been named trustee of a trust. Not only are you unsure of whether you should accept, you’re also wondering what exactly the role entails, the types of problems you might face, and whether...more