Legal Question in Wills and Trusts in Washington
Trustee powers
Is a Trust Agreement, signed by Grantor, which explicitly states that Trustee is not bound by state laws governing trust administration and fiduciary conduct, legally enforceable?
Asked on 7/05/07, 1:30 pm
2 Answers from Attorneys
Bruce Busch
Bruce R. Busch, Attorney at Law
Re: Trustee powers
Depends on the state and the waived requirements. You can waive some basic reporting requirements. But some fiduciary duties cannot be waived unless you are basically giving the Trustee discretion to treat the assets as his/her own. You should have an attorney review the trust agreement in its entirety.
Answered on 7/05/07, 2:56 pm
Elizabeth Powell
ELizabeth Powell PS Inc
Re: Trustee powers
Mr. Busch got his answer just right. I concur.
Elizabeth Powell
Answered on 7/06/07, 12:56 am