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QUESTION 3 What are the four ways discussed in the materials for a trustee to avoid liability for an act that would otherwise be a

QUESTION 3

  1. What are the four ways discussed in the materials for a trustee to avoid liability for an act that would otherwise be a breach of trust?

1.

Permission from a majority of beneficiaries, permission from any remandermen, order of the court, and statute.

2.

Consulting a lawyer, asking a priest, permission from the person who drafted the trust document, and permission from the court.

3.

Permission from the settlor, permission from a majority of the beneficiaries, permission from any prior trustee, and permission from the court.

4.

Exculpatory clause in the trust, statute, court permission, and informed consent of all beneficiaries.

5.

Destroying the trust document, permission from the court, statute, and court order.

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