A trustee must administer the trust from the point of acceptance through resignation or termination of the trust. The trustee is liable for the successful management of trust during its duration and this duty incorporates all other duties listed below.
DUTY OF LOYALTY
The trustee is obligated to administer the trust solely in the interest of the trust beneficiares. Therefore, the trustee can not "self-deal" or profit at the expense of any beneficiary.
The trustee can not favor one beneficiary over another in any trust matter.
DUTY TO MAINTAIN ACCOUNTS
A trustee must keep understandable and accurate records of all transactions dealing with trust matters. Failure to have proper accounts will shift the liability and burden to the trustee.
DUTY TO FURNISH INFORMATION
A trustee should provide a yearly accounting at a minimum. A trustee should at all times provide any information reasonably requested by a beneficiary(rule of inspection).
DUTY TO EXERCISE REASONABLE CARE AND SKILL
A trustee is expected to exercise reasonable care and skill that a person of ordinary prudence would in dealing with their own property.
A trustee can be held to a higher standard if the hold themselves out as a "professional trustee".
DUTY TO CONTROL TRUST PROPERTY
A trustee is obligated to take feasible steps to secure control of trust property and maintain control of said property during trust administration. This duty might also include the duty to ensure proper transferring property to beneficiaries at proper time.
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