Duties Of Trustees In Washington State
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A trustee is an individual or entity whose function is to administer the terms of a trust. This can involve acquiring, investing, reinvesting, exchanging, selling, transferring, controlling, dividing, and otherwise managing the trust s property. The trustee often has a wide range of actions it can take in performing this function. But the trustee is held to a high standard of conduct or duty. The trustee s duties and powers are determined by the terms of the trust, common law and statutes.
To whom does the trustee owe these duties? saxton mee To the settlor (or creator) of the trust as well as to the trust s beneficiaries. The trustee s primary duty has been stated to be to carry out the trust settlor s intent. However, courts have also said trustees owe the trust s beneficiaries the highest degree of good faith, loyalty and integrity. In the state of Washington, by statute, the trustee must administer the trust solely in the interests of the beneficiaries. This means a number of things, saxton mee including, but not limited to, informing the beneficiaries of all facts that would aid the beneficiaries in protecting their interests, reporting trust activity to the beneficiaries when required by the trust document or applicable law, not using trust assets to purchase assets for the trustee s benefit, and not commingling the trustee s assets with the trust s assets. However, it does not mean the trustee is necessarily prohibited from engaging in transactions with the trust for the trustee s personal interests. For example, the trust document may authorize particular types of transactions between the trustee on behalf of the trust and the trustee for the trustee s personal interests; or such a transaction may be specifically approved by the court or in a nonjudicial binding agreement that complies with Washington statutes; or the trust s beneficiaries may have consented to the trustee s conduct, or ratified the transaction, or released the trustee saxton mee in compliance with law. In any event, the trustee must act with care.
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Home About Us About Beresford Booth About Primerus Map & saxton mee Directions Community Involvement Website Disclaimer Lawyers Dick Beresford Scott Burkhalter Chris Cramer Matt Cruz Mark Demaray Of Counsel Elizabeth Jennings Bill Kessler Per Oscarsson Dimitra Scott Tim Steen David Tingstad Staff Practice Areas Divorce & Family Law Business Law Real Estate Law Estate Planning & Probate Litigation Labor & Employment Law News & Events Beresford Booth Firm News Business & Real Estate Law News Divorce & Family Law News Employment Advice & saxton mee Counseling News Estate Planning & Probate News Litigation News Contact Us
A trustee is an individual or entity whose function is to administer the terms of a trust. This can involve acquiring, investing, reinvesting, exchanging, selling, transferring, controlling, dividing, and otherwise managing the trust s property. The trustee often has a wide range of actions it can take in performing this function. But the trustee is held to a high standard of conduct or duty. The trustee s duties and powers are determined by the terms of the trust, common law and statutes.
To whom does the trustee owe these duties? saxton mee To the settlor (or creator) of the trust as well as to the trust s beneficiaries. The trustee s primary duty has been stated to be to carry out the trust settlor s intent. However, courts have also said trustees owe the trust s beneficiaries the highest degree of good faith, loyalty and integrity. In the state of Washington, by statute, the trustee must administer the trust solely in the interests of the beneficiaries. This means a number of things, saxton mee including, but not limited to, informing the beneficiaries of all facts that would aid the beneficiaries in protecting their interests, reporting trust activity to the beneficiaries when required by the trust document or applicable law, not using trust assets to purchase assets for the trustee s benefit, and not commingling the trustee s assets with the trust s assets. However, it does not mean the trustee is necessarily prohibited from engaging in transactions with the trust for the trustee s personal interests. For example, the trust document may authorize particular types of transactions between the trustee on behalf of the trust and the trustee for the trustee s personal interests; or such a transaction may be specifically approved by the court or in a nonjudicial binding agreement that complies with Washington statutes; or the trust s beneficiaries may have consented to the trustee s conduct, or ratified the transaction, or released the trustee saxton mee in compliance with law. In any event, the trustee must act with care.
Latest News & Events Washington State Court Of Appeals Upholds Ruling Denying Guardian Ad Litem Quasi-Judicial saxton mee Immunity Broken Engagement Do I Have To Give My Ring Back? Can Washington State Courts Order The Use Of A Vehicle In A Domestic Violence Charge? Criminal Assault And Civil Protection Order The Burden Of Proof in Washington State Duties Of Trustees In Washington State
V Rooms Data Room Login
Sorry, your blog cannot share posts by email.
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