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Simple English definitions for legal terms
trustee powers
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A quick definition of trustee powers:
Trustee powers are the things a person in charge of a trust can do without breaking any rules. These powers come from a document that explains what the trustee can and cannot do. For example, the trustee might be allowed to buy or sell things. But usually, the trustee doesn't have to do anything specific, they just have the option to do certain things if they need to.
A more thorough explanation:
Definition: Trustee powers are the abilities given to a trustee in a trust document. These powers can be used without breaking the law or the terms of the trust. Most trustee powers are optional, not required.
Examples:
- The power to buy and sell assets
- The power to invest trust funds
- The power to distribute trust income to beneficiaries
These examples illustrate how a trustee can use their powers to manage the trust. For instance, the power to buy and sell assets allows the trustee to make investments that will benefit the trust and its beneficiaries. The power to invest trust funds allows the trustee to grow the trust's assets over time. The power to distribute trust income to beneficiaries allows the trustee to provide financial support to those who are entitled to it.