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Delegating with care
A trustee may delegate investment and management functions 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 consistent with the purposes and terms of the trust, and periodically reviewing the agent's actions to monitor performance and compliance (Utah Code § 75B-2-814(2)). The agent owes the trust a duty of reasonable care, and a trustee who complies is not liable to the beneficiaries or the trust for the agent's decisions or actions.
Engaging professionals
The duty of loyalty's list of permitted dealings includes employing persons, including attorneys, auditors, investment advisers and agents, even if they are associated with the trustee, to advise or assist the trustee in the performance of administrative duties (Utah Code § 75B-2-802). Their fees are expenses properly incurred and reimbursed from the trust (§ 75B-2-709), and the trustee incurs only costs reasonable in relation to the trust property, the purposes and the trustee's skills (§ 75B-2-805).
Investment agents
Investment delegation follows the same section: a trustee who delegates investment functions selects the agent with care, sets the scope and terms, and reviews the agent's performance (Utah Code § 75B-2-814(2)). While a trust is revocable, the trustee may follow any investment direction of the settlor without liability for the resulting loss; where the terms authorize a person to give investment direction, that person is presumptively a fiduciary and liable for a loss from a breach, and the trustee who follows the direction is not liable except for willful misconduct or gross negligence (§ 75B-2-906).
The directed trust
Under the Uniform Directed Trust Act, the terms of a trust may grant a power of direction to a trust director (Utah Code § 75B-3-106). A directed trustee takes reasonable action to comply with the director's exercise or nonexercise of the power and is not liable for the action, except to the extent compliance would be willful misconduct (§ 75B-3-109); unless the terms provide otherwise, the trustee has no duty to monitor the director or to inform or advise anyone that the trustee would have acted differently (§ 75B-3-111). The trustee and the director provide each other the information reasonably related to their powers and duties (§ 75B-3-110), and the director has the same fiduciary duty and liability as a trustee in a like position (§ 75B-3-108).
Закони, дослівно
Duty of loyalty
Utah Code § 75B-2-802 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Specific powers of trustee
Utah Code § 75B-2-814 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Investment direction
Utah Code § 75B-2-906 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Duty and liability of directed trustee
Utah Code § 75B-3-109 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Поширені запитання
Can a Utah trustee hire an investment adviser?
Yes. A trustee may delegate investment and management functions a prudent trustee of comparable skills could properly delegate, with care in selecting the agent, setting the terms and reviewing the agent's actions (Utah Code § 75B-2-814(2)).
Is a Utah trustee responsible for an adviser's bad decision?
A trustee who exercises reasonable care, skill and caution in selecting the agent, setting the scope and terms and periodically reviewing the agent's actions is not liable for the agent's decisions (Utah Code § 75B-2-814(2)); the agent owes the trust a duty of reasonable care.
Does a Utah directed trustee check the trust director's work?
Unless the terms provide otherwise, no: a trustee has no duty to monitor a trust director or to advise that the trustee would have acted differently (Utah Code § 75B-3-111), and complies with the director's direction except where compliance would be willful misconduct (§ 75B-3-109).
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