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Trustee Delegation Agreement

(1) selection of an agent; 2) the definition of the scope and terms of the transfer in accordance with the objectives and terms of the trust; and (3) regularly check the agent`s actions in order to monitor the performance of the agent and compliance with the delegation`s conditions. Once an officer has been selected, the agent must ensure that the officer explains to the officer the purpose and extent of the position of trust, so that the officer can manage the position of trust in a manner appropriate to the purposes and persons to whom the trust is intended. The widow of a long-time business client has been appointed trustee of her husband`s great will. The trust includes a ranch, oil and gas interests, securities, a tightly managed business, a family management company, a large residence and a holiday home. Recently, she appointed her husband`s personal assistant to assist her in her important fiduciary duties. Can she add the assistant as a signatory to the account? Each of these three activities should be taken seriously. When selecting an officer who invests or administers trusting assets, an agent should interview several candidates, review their recommendations, consider their qualifications and document this research process as a referenvable process. When an attorney chooses a family member or close friend to manage the fiduciary property or arbitrarily chooses someone without considering other potential agents, he or she may opt for a breach of the Texas Property Code`s prudent investor rule. See General, Tex. Prop. Code 117.

Finally, the agent is not exempt from liability by the choice of a competent representative alone. The agent must obtain a regular and meaningful return from the agent, perhaps quarterly or even monthly. During this periodic audit, the agent should compare the investment performance of the fiduciary property with the performance of assets in other sectors or with popular investment benchmarks. If the agent does not regularly meet the rates of return on investments in a status quo situation, the agent should find a new property manager or risk liability to the beneficiaries. It is recommended that certain tasks not be delegated to the board of directors, but that a decision be made by the Board of Directors. ICSA: The Chartered Governance Institute has compiled a standard list of these items, questions reserved for the foundation board (PDF, 350KB, member only) that is addressed to charities with a senior management team. The charity`s administrative document generally determines the authority and scope of the board`s delegation.

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