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Questions and Answers
What is a fundamental requirement of a trustee when administering a trust?
What is a fundamental requirement of a trustee when administering a trust?
- To solely rely on personal interests
- To act with care, diligence, and skill (correct)
- To prioritize personal gains over fiduciary duties
- To act with malice and distrust
What must a trustee do when receiving money in their capacity as trustee?
What must a trustee do when receiving money in their capacity as trustee?
- Deposit the money into a separate trust account at a banking institution (correct)
- Deposit the money into their personal account
- Lend the money to a friend
- Use the money for personal expenses
What is a crucial duty of a trustee in relation to trust property?
What is a crucial duty of a trustee in relation to trust property?
- To hide the trust property
- To sell the trust property without permission
- To ignore the trust property
- To identify the trust property (correct)
Who can a trustee be requested to give account to?
Who can a trustee be requested to give account to?
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What is a fundamental principle a trustee must adhere to?
What is a fundamental principle a trustee must adhere to?
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What is a consequence of a trustee failing to comply with certain obligations?
What is a consequence of a trustee failing to comply with certain obligations?
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What can a trustee delegate to another?
What can a trustee delegate to another?
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What must trustees do when dealing with outsiders in the absence of contrary trust provisions?
What must trustees do when dealing with outsiders in the absence of contrary trust provisions?
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What is a key aspect of a trustee's fiduciary duties?
What is a key aspect of a trustee's fiduciary duties?
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What is a trustee's primary responsibility?
What is a trustee's primary responsibility?
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