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 investor rule
Utah Code § 75B-2-902 provides that a trustee invests and manages trust assets as a prudent investor would, considering the purposes, terms, distribution requirements and other circumstances of the trust, with reasonable care, skill and caution. Decisions on individual assets are evaluated in the context of the portfolio as a whole and an overall strategy with risk and return objectives reasonably suited to the trust; the trustee considers general economic conditions, inflation, tax consequences, each investment's role, expected total return, the beneficiaries' other resources and needs for liquidity, income and preservation of capital, and an asset's special value to the trust or a beneficiary.
A trustee diversifies unless special circumstances make the trust's purposes better served without diversifying (Utah Code § 75B-2-903), reviews the assets within a reasonable time after accepting and brings the portfolio into compliance (§ 75B-2-904), and is judged by the facts at the time of the decision, not by hindsight (§ 75B-2-905). The rule is a default the trust's provisions may alter, and a trustee is not liable for acting in reasonable reliance on them (§ 75B-2-901).
Prudent administration and impartiality
Beyond investing, a trustee administers the trust as a prudent person would, considering its purposes, terms, distributional requirements and other circumstances, with reasonable care, skill and caution (Utah Code § 75B-2-804); incurs only costs reasonable in relation to the trust property, the purposes and the trustee's skills (§ 75B-2-805); and uses any special skills the trustee was named for (§ 75B-2-806). Where a trust has two or more beneficiaries, the trustee acts impartially in investing, managing and distributing, giving due regard to their respective interests (§ 75B-2-803).
Loyalty and its presumptions
A trustee administers the trust solely in the interests of the beneficiaries (Utah Code § 75B-2-802). A sale, encumbrance or other transaction involving the investment or management of trust property entered into for the trustee's own account, or otherwise affected by a conflict between the trustee's fiduciary and personal interests, is voidable by an affected beneficiary unless the terms authorized it, the court approved it, the beneficiary's time to sue has passed, the beneficiary consented, ratified or released, or the trustee's contract or claim predates the trusteeship. A transaction with the trustee's spouse, descendants, siblings, parents or their spouses, with the trustee's agent or attorney, or with an enterprise in which the trustee has an interest that might affect the trustee's judgment is presumed to be affected by a conflict.
The section allows what the statute lists: reasonable compensation, deposits in the trustee's own regulated institution, advances for the trust's protection, employing attorneys, auditors and investment advisers even if associated with the trustee, and investments in government obligations through registered investment companies, among others. The court may appoint a special fiduciary to decide a proposed transaction that might otherwise violate the section.
Discretion and its limits
However broad the discretion the terms grant, the trustee exercises a discretionary power in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries (Utah Code § 75B-2-812). Unless the terms expressly provide otherwise, a beneficiary-trustee other than the settlor may make discretionary distributions for the trustee's own benefit only under an ascertainable standard of health, education, support or maintenance, and may not use a discretionary power to satisfy the trustee's own legal obligation of support. The reasons for a discretionary decision belong in the record (§ 75B-2-808).
Lwa yo, mo pou mo
Duty of loyalty
Utah Code § 75B-2-802 ↗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
Utah Code § 75B-2-804 ↗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 -- Tax savings
Utah Code § 75B-2-812 ↗Eksplikasyon klè e senp; tèks egzak lwa a poko ateste nan bibliyotèk nou an. Gade lwa ofisyèl la nan lyen ki anwo a.
Standard of care -- Portfolio strategy -- Risk and return objectives
Utah Code § 75B-2-902 ↗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 a Utah trustee have to diversify?
Yes, unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying (Utah Code § 75B-2-903).
Can a Utah trustee buy from or sell to a relative?
A transaction with the trustee's spouse, descendants, siblings or parents is presumed to be affected by a conflict and is voidable by an affected beneficiary unless an exception applies — the terms' authorization, the court's approval or the beneficiary's informed consent among them (Utah Code § 75B-2-802).
Is a Utah trustee liable for an investment that lost money?
Compliance with the prudent investor rule is determined by the facts and circumstances at the time of the decision, not by hindsight, and the rule requires no specific outcome (Utah Code § 75B-2-905); absent a breach, a trustee is not liable for a loss in value (§ 75B-2-1003).
Lekti ki gen rapò
Sant Aprantisaj la se enfòmasyon jeneral sou lwa Utah — se pa konsèy legal, e li pa ranplase konsèy yon avoka Utah ki gen lisans sou reyalite pa ou. TrusteeClear se yon lojisyèl, pa yon kabinè avoka.