DC Bar Practice Questions - District Of Columbia Bar Examination Exam

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A settlor creates an irrevocable inter vivos trust, naming a trustee to hold property for the benefit of named beneficiaries. The trustee's core fiduciary obligation is the duty of loyalty, which generally prohibits the trustee from:

Diversifying trust investments Keeping records of trust transactions Distributing income to beneficiaries Engaging in self-dealing or transactions involving a conflict of interest without authorization

Correct Answer:

Engaging in self-dealing or transactions involving a conflict of interest without authorization

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