Although exculpatory clauses may help certain trustees
avoid liability for a breach of trust, it's unlikely that an exculpatory clause will avoid the removal of a negligent trustee
Hickey, COA, CODA, Munroe Falls, OH, continues as trustee
The bank owed the beneficiaries a duty of loyalty as a trustee
and was required to administer the trust solely in the interest of the beneficiaries.
However, it should also be remembered that a professional trustee
is normally just one of many trustees
on a trustee
board and their influence on the board will inevitably vary from scheme to scheme.
B) 1 year after the appointment or election of the first trustee
under Section 702, 1104, 1163, 1202, or 1302 of this title if such appointment or such election occurs before the expiration of the period specified in subparagraph (A); or
It is important that trustees
have appropriate knowledge and understanding of their investment powers and duties.
States have different laws about which court should have jurisdiction to hear complaints about the Trustee
or requests that the Trustee
"account" for his, her, or its actions.
Today's hospital board of trustees
faces unprecedented challenges in the areas of quality, care delivery, financing, physician relations and information technology.
One of the most welcome changes allows a trustee
to include capital gain from an asset or class of assets in DNI if he or she has express authority, under either local law or the governing instrument, to (1) distribute principal and (2) deem those distributions as made from capital gain.
If the trust were a unitrust with a $1 million value and a 5 percent payout rate, the trustee
would distribute $50,000 to the beneficiary as trust income, even if it required asset sales, thus allocating some of the capital gain as income.
She was quoted in the Kitchener Record as saying that the nurses would stay out of the schools until the Administration and trustees
made it clear what it was they were to teach.