Washington Code 11.98B.100 – No duty to monitor, inform, or advise trust director or trustee
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(1) Unless the terms of a trust provide otherwise:
Terms Used In Washington Code 11.98B.100
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means an original, added, or successor trustee and includes the state, or any agency thereof, when it is acting as the trustee of a trust to which chapter 11. See Washington Code 11.02.005
(a) A trustee does not have a duty to:
(i) Monitor a trust director; or
(ii) Inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the director; and
(b) By taking an action described in (a) of this subsection, a trustee does not assume the duty excluded by (a) of this subsection.
(2) Unless the terms of a trust provide otherwise:
(a) A trust director does not have a duty to:
(i) Monitor a trustee or another trust director; or
(ii) Inform or give advice to a settlor, beneficiary, trustee, or another trust director concerning an instance in which the director might have acted differently than a trustee or another trust director; and
(b) By taking an action described in (a) of this subsection, a trust director does not assume the duty excluded by (a) of this subsection.
[ 2020 c 303 § 11.]