Texas Trust Code Powers Of Trustee
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FAQ
Power of delegation ? a trustee is able to instruct professional advisers where necessary and appropriate. Power of insurance ? a trustee has the power to insure any trust asset against damage. Power of advancement ? a trustee has discretion to advance capital of the trust to a beneficiary.
What Are the Duties of Trustees in Texas? Document Management (Record Keeping) A trustee should keep records of everything they do in their role as trustee. ... Accounting. ... Asset Distribution. ... Trustee Meetings. ... File and Pay Taxes. ... Asset and Property Management. ... Breach of Trust. ... Misappropriation of Trust Funds.
For example, a power of appointment can allow a grandchild to decide who will receive the family vacation home after their grandparents pass away. If the grandchild has a power of appointment, they can decide to give the vacation home to their siblings, sell it and divide the proceeds, or keep it for themselves.
When Is Delegation Allowed? Simply put, Texas law allows a trustee to delegate duties and powers that a similarly situated trustee with similar trust property would employ an outsider to carry out.
EXAMPLE: Creator establishes a lifetime trust for a beneficiary, which then passes assets to such descendants of the beneficiary as he shall appoint in trust. The beneficiary appoints to his child (unborn at creator's death), for life, remainder to the beneficiary's grandchildren.