What are the duties of a trustee under Texas law?
A trustee must:
- comply with the terms of the trust instrument,
- put trust assets to productive use (typically through investment),
- manage trust assets with the prudence, intelligence and judgment that an ordinary person would use in managing his own assets (the “prudent investor” standard),
- avoid conflicts of interest,
- refrain from borrowing trust assets,
- refrain from favoring one beneficiary over another, and
- provide beneficiaries with an accounting statement at least once a year.
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