This section explores the powers and responsibilities of trustees, emphasizing their legal ownership of trust property under common law and their fiduciary duty to act in the beneficiaries’ best interests. Trustees have general powers necessary for managing trust property, such as suing, defending, leasing, and investing, with additional discretionary powers granted by the trust document.
00:00 Introduction to Trustee Powers
00:32 Common Law and Equity Perspectives
01:38 General Powers of a Trustee
02:41 Trust Instrument and Discretionary Powers
05:21 Implied Powers and Trustee Responsibilities
07:11 Special Powers and Successor Trustees
08:43 Joint Action and Trustee Decisions
10:25 Banking and Trustee Signatures
13:15 Delegation and Agent Authorization