(1) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:
Selecting an agent;
Establishing the scope and terms of the delegation, consistent with the purposes andterms of the trust; and
Periodically reviewing the agent's actions in order to monitor the agent's performanceand compliance with the terms of the delegation.
In performing a delegated function, an agent owes a duty to the trust to exercisereasonable care to comply with the terms of the delegation.
A trustee who complies with subsection (1) of this section is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.
By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.
Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1174, § 1, effective January 1, 2019.