Chapter 2 Qualifications, Appointment, Succession, and Bonds of Trustees
Index
- Section 2.1 Fundamental Considerations
- Section 2.2 What Is a Fiduciary?
- Section 2.3 Legal Capacity to Take, Hold, or Administer Property
- Section 2.4 Minors and Disabled Persons
- Section 2.5 Convicted Persons
- Section 2.6 Entities With Sovereign Immunity
- Section 2.7 Private Corporations
- Section 2.8 Nonresidents Generally
- Section 2.9 Nonresident Aliens
- Section 2.10 Nonresident Corporate Fiduciaries and Reciprocity
- Section 2.11 Nonresident Corporate Fiduciaries and Constitutional Issues
- Section 2.12 Sole Income and Remainder Beneficiary as Trustee—Merger of Title
- Section 2.13 Practical Capabilities—Who Ought to Be Named as Trustee?
- Section 2.14 Ethical and Statutory Prohibitions
- Section 2.15 Capability to Perform Duties
- Section 2.16 Desirable Personal Characteristics
- Section 2.17 Possible Solutions for Trustee Incapability
- Section 2.18 Advantages and Disadvantages of Using Nonprofessional, Professional, or Corporate Fiduciaries—An Ideal Combination
- Section 2.19 Alternatives When No Trustee Is Available
- Section 2.20 Tax Considerations
- Section 2.21 Generally
- Section 2.22 Personal Trustees
- Section 2.23 Executors as Trustees
- Section 2.24 What Constitutes Acceptance
- Section 2.25 What Constitutes Disclaimer—Refusal to Serve
- Section 2.26 Appointment by Settlor or Testator
- Section 2.27 Appointment by Courts
- Section 2.28 Resignation
- Section 2.29 Appointment of Successor
- Section 2.30 Breach of Trust
- Section 2.31 Loss of Legal Capacity or Moral, Physical, or Mental Fitness
- Section 2.32 Nonresidence
- Section 2.33 Insolvency or Bankruptcy
- Section 2.34 Exercise of Involuntary Removal Power Without Cause
- Section 2.35 Failure to Give Bond
- Section 2.36 Refusal to Cooperate With Cotrustees and the Duties to Prevent and Obtain Redress for Breaches of Trust by Cotrustees
- Section 2.37 Failure to Keep Records and Keep Beneficiaries Informed
- Section 2.38 Charging Excessive Fees
- Section 2.39 Hostility or Favoritism to Beneficiaries
- Section 2.40 Holding Adverse or Conflicting Interests
- Section 2.41 Self-Dealing—The 18 Negative Duties
- Section 2.42 Neglect of Trust and Delegation of All Responsibilities
- Section 2.43 Refusal to Comply With Trust Terms and Deviation From Duty Without Court Authority
- Section 2.44 Abusive Exercise of Discretionary Powers
- Section 2.45 Commingling of Trust Assets
- Section 2.46 Failure to Protect and Preserve Trust Assets and to Defend the Trust
- Section 2.47 Failure to Distribute Income
- Section 2.48 Generally
- Section 2.49 Statutory Exoneration by Nonjoinder or Formal Dissent
- Section 2.50 Estoppel—Consent of Beneficiaries
- Section 2.51 Nonjudicial Procedure by Settlor, Cotrustees, or Beneficiaries
- Section 2.52 Jurisdiction and Venue
- Section 2.53 Whether to Appoint Successor Trustees at All and How Many
- Section 2.54 Necessity for, Form of, and Period Covered by Final Account—Due From and to Whom?
- Section 2.55 Finality—Waiver, Statutes of Limitation, and Fraud
- Section 2.56 Compensation for Trustees Who Are Removed or Resign
- Section 2.57 When the Trustees All Disclaim
- Section 2.58 Succession of Title to Heirs or Personal Representative of Sole Trustee With No Immediate Successor
- Section 2.59 Succession Between Accepting or Acting Cotrustees
- Section 2.60 Succession From One Trustee to Another Under Trust Terms
- Section 2.61 Succession by Court Order
- Section 2.62 Duties of Continuing or Successor Trustees as to Final Accounting and Breaches of Trust of Former Trustees
- Section 2.63 Bonds of Trustees
- Section 2.64 Miscellaneous Statutes on Trusts and Trustees