MN Bar Practice Questions - Minnesota Bar Examination Exam

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A settlor creates a valid express trust, transferring property to a trustee to hold for the benefit of named beneficiaries. Which duty does the trustee owe?

A fiduciary duty of loyalty to administer the trust solely in the interest of the beneficiaries A duty to maximize personal compensation No duties, because the trustee holds legal title A duty to distribute the entire corpus immediately

Correct Answer:

A fiduciary duty of loyalty to administer the trust solely in the interest of the beneficiaries

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