Trustee powers refer to the authority granted to a trustee to manage and administer a trust on behalf of the beneficiaries. These powers are typically outlined in the trust document or established by state law. Trustee powers may include the ability to invest trust assets, make distributions to beneficiaries, manage property, enter into contracts, pay taxes and expenses, and take legal action on behalf of the trust. The extent of trustee powers can vary depending on the terms of the trust agreement, the type of trust, and the jurisdiction’s laws governing trusts. Trustees have a fiduciary duty to act in the best interests of the beneficiaries and to exercise their powers prudently and responsibly.
The provisions in a trust document defining what the trustee may and may not do.
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This glossary post was last updated: 29th March, 2024.
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