This law mandates that trustees must exercise their discretionary powers in good faith, aligning with the trust's terms and beneficiaries' interests. It ensures that even with broad discretion, trustees are held accountable for their decisions.
Trustees must act in good faith when exercising discretion.
Decisions should align with trust terms and beneficiary interests.
Broad discretion does not exempt trustees from accountability.
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Explain Like I'm 5
In simple terms: Learn about Texas's DISCRETIONARY POWERS; TAX SAVINGS. (a) law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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