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Summary of an Irrevocable Trust Article 5: Power of Authority of Trustees The Trustees shall have a wide discretion to manage, buy and sell assets in accord with principles of the Prudent Investor Act. When there is uncertainty about whether assets should be treated as principle or income, the Trustees shall have discretion to make a determination consistent with the accepted principles. The Trustees shall be entitled to retain and pay for advisors. The Trustees shall in their discretion be entitled to compensation. The Trustees shall provide an annual account for the trust, but the annual statements of banks and financial management firms will be adequate unless the beneficiary objects.
Article 3: Use of Income and Principal |
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