Which powers are commonly granted to trustees?

Trustees are typically granted a comprehensive set of powers to effectively manage the assets of a trust on behalf of the beneficiaries. This includes powers related to the retention, purchase, and sale of assets, allowing trustees to make decisions about investments that will benefit the trust and its beneficiaries over time. The ability to buy, sell, or retain assets is crucial for maintaining the value and growth of the trust's portfolio.

Additionally, trustees are entrusted with powers related to distributions of principal and income cash. This ensures that they can manage how and when to distribute money or assets to beneficiaries, which is often outlined in the terms of the trust. Managing these distributions requires judicious judgment and an understanding of the needs of the beneficiaries.

Bookkeeping and accounting responsibilities are also essential functions of a trustee. Accurate record-keeping is critical for maintaining transparency, complying with legal obligations, and providing necessary reports to beneficiaries. This aspect of the role enhances trust management, ensuring financial activities are tracked and reported appropriately.

Given that all these powers are integral to the effective administration of a trust, it is evident that trustees are endowed with a broad range of responsibilities, encompassing the retention, purchase, and sale of assets; management of distributions; and maintaining proper records. Therefore, it is correct to