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In the United States, the Uniform Trust Code provides for reasonable compensation and reimbursement for trustees subject to review by courts, [24] although trustees may be unpaid. Commercial banks acting as trustees typically charge about 1% of assets under management. [25]
The trustee can generally overcome the appearance by fully disclosing the transaction, take no advantage of his trustee position, and show that the objective facts of the transaction appear fair and reasonable to all parties. [57] Trustees also cannot take advantage of their superior knowledge or an opportunity discovered during their tenure as ...
The trust may deduct reasonable fees for trustee management and tax preparation. However, the trust may only deduct these fees based on the proportion of income that is taxable. For example, say ...
Trustees [2] have certain duties (some of which are fiduciary). These include the duty to: Carry out the expressed terms of the trust instrument. [3] Trustees are bound to act in accordance with the terms of the trusts upon which the trustee holds trust property, and commit a breach of trust by departing from the terms of the trust. [4]
"It is essential to bear in mind that the existence of a fiduciary relationship does not mean that every duty owed by a fiduciary to the beneficiary is a fiduciary duty. In particular, a trustee's duty to exercise reasonable care, though equitable, is not specifically a fiduciary duty . . ." Ipp J. explained, at p. 158:
The duty of loyalty is often called the cardinal principle of fiduciary relationships, but is particularly strict in the law of trusts. [1] In that context, the term refers to a trustee's duty to administer the trust solely in the interest of the beneficiaries, and following the terms of the trust.
However, more commonly, a trust will make provision for some payment. In the absence of terms in the trust instrument, the Trustee Act 2000 sections 28–32 stipulate that professional trustees are entitled to a "reasonable remuneration." All trustees, agents, nominees, and custodians may be reimbursed for expenses from the trust fund as well.
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