Texas Trust Code Trustee Powers With A Spell
Description
How to fill out Blind Trust Agreement For Private Individual As Opposed To Government?
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FAQ
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.
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.
Section 116.005 - Trustee's Power to Adjust (a) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages trust assets as a prudent investor, the terms of the trust describe the amount that may or must be distributed to a beneficiary by referring ...
Texas Trust Code §112.004(2) defines ?beneficiary? to be a person for whose benefit property is held in trust regardless of the nature of the interest. This definition would include both income beneficiaries and remaindermen.
Texas Trust Code Section 112.054(b-1) states:On the petition of a trustee or a beneficiary, a court may order that the terms of the trust be reformed if: (1) reformation of administrative, nondispositive terms of the trust is necessary or appropriate to prevent waste or impairment of the trust's administration; (2) ...