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3 Cards in this Set
- Front
- Back
- 3rd side (hint)
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The pupil's pencil is in his pocket.
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The pupil's pencil is in his pocket.
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He is alone in the bottom of the vessel.
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He is alone in the bottom of the vessel.
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Wills - Trusts - Duties of Trustee
The trustee had a duty to make sure the beneficiary wasn't drinking SPOILED CAB. |
SELF-DEALING
PROTECT corpus not usurp OPPORTUNITIES INFORM on big transactions LITIGATE EXERCISE care, skill, prudence not DELEGATE authority COMPLY with terms ACCOUNTING refrain from BORROWING |
refrain from SELF-DEALING (duty of loyalty)
PROTECT the corpus of the trust by preserving principal and diversifying the trust portfolio refrain from usurping OPPORTUNITIES available to trust (duty of loyalty) INFORM settlor and beneficiaries of transactions involving more than 25% of trust assets and wait for objections prior to executing the transaction LITIGATE on behalf of the trust when necessary EXERCISE degree of care, skill and prudence which would be exercised by a reasonably prudent person in managing his/her own property avoid DELEGATION of duties involving judgment, discretion or power of appointment (proper administration) COMPLY with terms & duties under trust detailed ACCOUNTING, including earmarking and segregating trust assets separately from personal assets refrain from BORROWING funds from the trust (duty of loyalty) |
