What Powers Should I Give to My Trustee?
Trustee powers. What Powers Should I Give to My Trustee? A grantor can grant to her trustee any number of powers. She can expand, limit, or restrict the powers that her trustee may exercise. Here are just a few of the many powers a trustee might be granted and a cursory description:
1. Execution of Documents
Execute and deliver any written instruments that the trustee considers necessary to carry out any powers granted in the trust.
2. Investment Powers in General
Invest in any type of investment that the trustee determines is consistent with the investment goals of the trust, whether inside or outside the geographic borders of the United States of America and its possessions or territories, taking into account the overall investment portfolio of the trust.
3. Banking Powers
Establish any type of bank account in any banking institution that the trustee chooses.
4. Business Powers
If the trust owns or acquires an interest in a business entity, whether as a shareholder, partner, general partner, sole proprietor, member, participant in a joint venture, or otherwise, the trustee may exercise the powers and authority provided for in the trust.
5. Contract Powers
Sell at public or private sale, transfer, exchange for other property, and otherwise dispose of trust property for consideration and upon terms and conditions that the trustee deems advisable; may enter into contracts, and may deliver deeds or other instruments, that the trustee considers appropriate.
6. Digital Assets
Has the authority to access, modify, control, archive, transfer, and delete our digital assets, which may include sent and received emails, email accounts, digital music, digital photographs, digital videos, gaming accounts, software licenses, social-network accounts, file- sharing accounts, financial accounts, domain registrations, Domain Name System (DNS) service accounts, blogs, listservs, web-hosting accounts, tax-preparation service accounts, online stores and auction sites, online accounts, and any similar digital asset that currently exists or may be developed as technology advances.
7. Payment of Property Taxes and Expenses
Except as otherwise provided in this trust, the trustee may pay any property taxes, assessments, fees, charges, and other expenses incurred in the administration or protection of the trust. All payments will be a charge against the trust property and will be paid by the trustee out of income. If the income is insufficient, then the trustee may make any payments of property taxes or expenses out of the trust property’s principal.
8. Real Estate Powers
May sell at public or private sale, convey, purchase, exchange, lease for any period, mortgage, manage, alter, improve, and in general deal in and with real property in the manner and on the terms and conditions as the trustee deems appropriate.
9. Residences and Tangible Personal Property
May acquire, maintain, and invest in any residence for the beneficiaries’ use and benefit, whether or not the residence is income producing and without regard to the proportion that the residence’s value may bear to the trust property’s total value, even if retaining the residence involves financial risks that the trustee would not ordinarily incur.
10. Securities, Brokerage and Margin Powers
May buy, sell, trade, and otherwise deal in stocks, bonds, investment companies, mutual funds, common trust funds, commodities, and other securities of any kind and in any amount, including short sales. The trustee may place all or any part of the securities held by the trust in the custody of a bank or trust company