Tag: breach of trust

Lessons for Trustees and Beneficiaries Part II- Safeguarding Trust Property

A Trustee must take reasonable steps to take control of and protect trust property.  Hence, if it is tangible property, property that you can touch and hold like antiques, an art or coin collection, cars, etc., the Trustee must take physical possession of that property and ensure that it is protected.  This can mean using a safety deposit box or a secure storage unit when appropriate. 

A Trustee must also keep trust property separate from his own property.  Trust property should never be intermingled with a Trustee’s own property.  A Trustee should keep good records concerning all trust… Read the rest