Texas Trust Code Trustee Powers Within A Trust
Description
How to fill out Blind Trust Agreement For Private Individual As Opposed To Government?
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FAQ
Section 113.151 - Demand for Accounting (a) A beneficiary by written demand may request the trustee to deliver to each beneficiary of the trust a written statement of accounts covering all transactions since the last accounting or since the creation of the trust, whichever is later.
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) ...
Whereas there are several beneficiaries, it is the duty of the trustee to see that the trust for sale is exercised with due regard to the interests of all the beneficiaries. Also, the trustee is empowered to buy and resale trust property. Moreover, it is his duty to follow the powers given under the deed.
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.
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 ...