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Sec. 804. Prudent administration. A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.
what you need to know as trustee The Illinois Trust Code applies to the operation of Trusts in Illinois after January 1, 2020. This law imposes certain duties on trustees (see chart below).
Oct 21, 2022 · The National School Boards Association (NSBA) lists the key responsibilities of a school board trustee as: Employing the superintendent. Developing and adopting policies, curriculum, and the budget. Overseeing facilities issues.
Upon the adoption and passage of the resolution and the election or appointment by the school board of its own school treasurer: (1) the trustees of schools in the township shall no longer have or exercise any powers or duties with respect to the school district or with respect to the school business, operations, or assets of the school district...
learning, public or private, within Illinois, nor shall they be members of a school board or board of school trustees of a public or nonpublic school, college, university or technical institution within Illinois.
The ITC codifies the familiar duties of trustees, including the duty of loyalty, the duty for prudent administration, and the duty to account. Previously, these duties and their scope were a product of court decisions and treatises.
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Dec 2, 2019 · For trustees and beneficiaries, these new provisions of the ITC may provide some flexibility as to whom a trustee must deliver accounts and notices for an irrevocable trust, and who are the necessary parties for a NJSA or court proceeding.
