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Core duties · 6 min lekti
The standard
20 Pa.C.S. §7774 provides that a trustee administers the trust as a prudent person would, considering its purposes, provisions, distribution requirements and other circumstances, and exercising reasonable care, skill and caution. The trustee takes reasonable steps to take control of and protect the trust property (§7779).
Investing
A Pennsylvania trustee accepts, holds, invests in and retains investments under the prudent investor rule of Chapter 72 of Title 20 (20 Pa.C.S. §7780.6(a)(1)). Where a trust's terms appoint a trust director for investments, the director's powers and the directed trustee's protections come from the Directed Trust Act (§§7780.16, 7780.20).
Loyalty and impartiality
A trustee administers the trust solely in the beneficiaries' interests; a transaction affected by a conflict between the trustee's fiduciary and personal interests is voidable by an affected beneficiary unless an exception the statute states applies (20 Pa.C.S. §7772). Where a trust has two or more beneficiaries, the trustee acts impartially, giving due regard to their respective interests (§7773).
Discretion
A trustee exercises a discretionary power in good faith and in accordance with the trust's terms and purposes and the beneficiaries' interests, however broad the discretion the terms grant (20 Pa.C.S. §7780.4). Many trustees write down the facts they weighed before each discretionary decision.
Lwa yo, mo pou mo
Duty of loyalty - UTC 802
20 Pa.C.S. §7772 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Prudent administration - UTC 804
20 Pa.C.S. §7774 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Discretionary powers
20 Pa.C.S. §7780.4 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Illustrative powers of trustee
20 Pa.C.S. §7780.6 ↗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
What standard applies to a Pennsylvania trustee's decisions?
The prudent person standard: reasonable care, skill and caution, considering the trust's purposes, provisions and distribution requirements (20 Pa.C.S. §7774).
How must a Pennsylvania trustee invest?
Under the prudent investor rule of Chapter 72 of Title 20, which governs the power to accept, hold, invest in and retain investments (20 Pa.C.S. §7780.6(a)(1)).
Can a Pennsylvania trustee buy trust property?
A transaction between the trust and the trustee is voidable by an affected beneficiary unless the terms, the court, the beneficiary's consent or another exception in 20 Pa.C.S. §7772 applies.
Lekti ki gen rapò
Sant Aprantisaj la se enfòmasyon jeneral sou lwa Pennsilvani — se pa konsèy legal, e li pa ranplase konsèy yon avoka Pennsilvani ki gen lisans sou reyalite pa ou. TrusteeClear se yon lojisyèl, pa yon kabinè avoka.