Tèks konplè gid sa a an angle; rezime ki anwo a nan lang ou. Rezime lwa yo ak vèsyon angle a rete sous referans lan.
Core duties · 6 min lekti
The prudent person standard
Est. & Trusts § 14.5-804 provides that a trustee administers the trust as a prudent person would, by considering the purposes, terms, distributional requirements and other circumstances of the trust, and in doing so exercises reasonable care, skill and caution. That is the standard an individual trustee works to.
The prudent investor rule, and whom it binds
Est. & Trusts § 15-114 sets a prudent investor rule for a "fiduciary" it defines: a trust company, an investment adviser controlled by or under common control with a trust company, or a person who makes the election the section provides (§ 15-114(a)(2)). Such a fiduciary invests and manages the fiduciary assets as a prudent investor would, in the context of the assets as a whole and an overall strategy with suitable risk and return objectives, diversifies unless it reasonably believes not diversifying is in the beneficiaries' best interests, and reviews the assets within a reasonable time after accepting the appointment (§ 15-114(b)).
An individual trustee who has not elected is held to Est. & Trusts § 14.5-804. Whether to elect, and what an investment policy should say, are questions for a licensed Maryland attorney and an investment professional of your choosing; TrusteeClear treats no individual as an electing fiduciary.
Costs, and special skills
A trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust and the skills of the trustee (Est. & Trusts § 14.5-805). A trustee that has special skills or expertise, or was named in reliance on its representation that it has them, uses those skills (Est. & Trusts § 14.5-806). Expenses properly incurred in the administration are reimbursed from the trust property, with interest as appropriate (Est. & Trusts § 14.5-709).
Control, records and claims
A trustee takes reasonable steps to take control of and protect the trust property — but is not responsible for tangible personal property of a revocable trust not in the trustee's possession or control (Est. & Trusts § 14.5-809) — keeps adequate records and keeps the trust's property separate (Est. & Trusts § 14.5-810), and takes reasonable steps to enforce the trust's claims and defend claims against it, with the power to abandon a claim unreasonable to enforce (Est. & Trusts § 14.5-811).
Lwa yo, mo pou mo
Prudent administration
Est. & Trusts § 14.5-804 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Costs of administration
Est. & Trusts § 14.5-805 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Control and protection of trust property
Est. & Trusts § 14.5-809 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Prudent investor rule
Est. & Trusts § 15-114 ↗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
Does the prudent investor rule apply to a family member serving as Maryland trustee?
Not unless the trustee elects into it: Est. & Trusts § 15-114 binds a trust company, an investment adviser it controls and a person who elects (§ 15-114(a)(2)). An individual trustee is held to the prudent person standard of Est. & Trusts § 14.5-804.
Does a Maryland trustee have to diversify?
A fiduciary bound by Est. & Trusts § 15-114 diversifies unless it reasonably believes not diversifying is in the beneficiaries' best interests or furthers the appointment's purposes (§ 15-114(b)(4)); every trustee administers with reasonable care, skill and caution (Est. & Trusts § 14.5-804).
Can a Maryland trustee hire an investment adviser?
Yes — a trustee may delegate what a prudent trustee of comparable skills could properly delegate, with reasonable care in selecting, scoping and reviewing the agent (Est. & Trusts § 14.5-807); a delegation of investment functions under § 15-114 follows that section.
Lekti ki gen rapò
Sant Aprantisaj la se enfòmasyon jeneral sou lwa Maryland — se pa konsèy legal, e li pa ranplase konsèy yon avoka Maryland ki gen lisans sou reyalite pa ou. TrusteeClear se yon lojisyèl, pa yon kabinè avoka.