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Delegating with care
A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances, exercising reasonable care, skill and caution in selecting the agent, establishing the scope and terms of the delegation consistently with the trust's purposes and terms, and periodically reviewing the agent's actions (A.R.S. § 14-10807(A)). An agent owes the trust a duty of reasonable care in the delegated function, and a trustee who complies is not liable for the agent's action (§ 14-10807(B), (C)); an agent who accepts a delegation submits to the jurisdiction of Arizona's courts (§ 14-10807(D)).
Engaging professionals
Among the trustee's specific powers are paying the compensation of employees and agents of the trust and other expenses of the administration, and prosecuting or defending proceedings to protect the trust property and the trustee (A.R.S. § 14-10816(15), (24)). Expenses properly incurred are reimbursed from the trust with reasonable interest (§ 14-10709), and the trustee's reasonable attorney fees and costs in the good-faith defense or prosecution of a proceeding about the administration are reimbursed whether or not the trustee succeeds (§ 14-11004).
Investment agents
A fiduciary may delegate investment and management functions that a prudent investor of comparable skills might delegate, and is not responsible for the investment agent's decisions where the fiduciary exercised reasonable care in selecting the agent, setting the scope and terms and reviewing the agent's performance; the agent must comply with the delegation and exercise reasonable care, and is liable to the trust for failing to; an investment in a mutual fund is not a delegation (A.R.S. § 14-10907).
Powers to direct and trust protectors
Where the trust makes assets subject to the direction of the settlor, a cotrustee, a beneficiary or a third party, the trustee has no duty to review the directions or to notify the beneficiaries of investment actions taken under them, is not responsible for the directed assets, and is not liable for acting on a direction except in bad faith or with reckless indifference; a person other than a beneficiary who holds a power to direct is presumptively a fiduciary (A.R.S. § 14-10808). A trust protector the instrument appoints has the powers the instrument gives and, except as the instrument provides, is neither a trustee nor a fiduciary (§ 14-10818).
Lwa yo, mo pou mo
Delegation by trustee
A.R.S. § 14-10807 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Powers to direct
A.R.S. § 14-10808 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Specific powers of trustee
A.R.S. § 14-10816 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Delegation of investment and management functions; duties; limitations
A.R.S. § 14-10907 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Kesyon moun poze souvan
Can an Arizona trustee hire an investment adviser?
Yes; a trustee may delegate investment and management functions a prudent investor of comparable skills might delegate, with reasonable care in selecting the agent, setting the terms and reviewing the agent's performance (A.R.S. § 14-10907, § 14-10807).
Is an Arizona trustee responsible for an agent's mistake?
Not where the trustee exercised reasonable care, skill and caution in selecting the agent, establishing the scope and terms of the delegation and reviewing the agent's actions (A.R.S. § 14-10807(C)).
Who pays an Arizona trustee's attorney?
The trust, for reasonable fees and costs that arise from the good-faith defense or prosecution of a proceeding involving the administration, whether or not successful; the court may order another party or the trust to pay them (A.R.S. § 14-11004).
Lekti ki gen rapò
Sant Aprantisaj la se enfòmasyon jeneral sou lwa Arizona — se pa konsèy legal, e li pa ranplase konsèy yon avoka Arizona ki gen lisans sou reyalite pa ou. TrusteeClear se yon lojisyèl, pa yon kabinè avoka.