Page 46 - Successor Trustee Handbook

CHAPTER 10

YOUR TRUSTEE POWERS

Here, we examine in more detail the powers given to you as Trustee so that
you may carry out the duties described in the previous chapter. Your powers
are dependent mainly on the terms of the Trust document. Your Trustee
powers are also dependent somewhat on state law, which may supplement or
even in some cases override certain provisions of the Trust.

Listed below are the Trustee powers that generally apply in most cases. Note
that we have merely named each of these powers, rather than gone into
specific detail as to the instructions, guidelines and limitations on the exercise
of each of these powers. You need to look at the actual Trust language
for any specific instructions, guidelines or limitations, and should also
consult the other chapters of this Manual, before exercising the powers
below, particularly those noted by an asterisk (*).

Your Trustee powers generally include, but
may not be limited to, the powers to:

Invest.*
Retain property.
Abandon property.
Hold property in the name of the Trustee for the
Trust.
Operate and sell a business.*
Manage securities.
Purchase securities and bonds.
Sell and lease Trust assets.
Give financial assistance to the estates of the
Trustor and the beneficiaries (or to other trusts
set up by the Trustor for the beneficiaries).
Lend money.*
Borrow.
Purchase and maintain insurance.
Employ professionals and pay reasonable
compensation.
Pay expenses of the administration.
Deal with creditors of the Trustor.
Litigate (including defending against Trust
contests or other lawsuits).

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