In order for a trustee to perform his duties, he is clothed with some powers for the efficient administration of the trust property and discharge of his duties. Those powers are:
- a. A trustee has the power to sell the trust property where he is expressly authorized to sell by the enabling instrument or by statute. A trustee also has the power to sell the trust property where the trust makes it imperative for him to do so.
- b. A trustee has the power to insure the trust property where there is a specific provision in the trust instrument requesting the trustee to insure.
- c. Although a trustee is not to delegate his duties to another, a trustee has the power to delegate where the trust instrument allows it, when it reasonably necessary to do and in the engagement of an agent in the ordinary course of business.
- d. A trustee has the power to compound liabilities. By law, personal representatives or two or more trustees acting together or a trust corporation have the power to accept any real or personal property before the time the same is payable or transferable, sever and apportion any blended trust funds or property, to pay or allow any debt or claim on evidence he or they think sufficient, accept any composition or any security, real or personal for any debt claimed and to compromise, abandon, compound or submit to arbitration any debt or claim relating to the trust.
- e. A trustee has the powers of maintenance to make necessary provisions for the benefit of beneficiaries whose interests under the trust property are yet to mature.
- f. A trustee has the power to receive monies and to give receipts in writing and such receipt shall be a sufficient discharge to the person paying, transferring or delivering any money, securities or other personal property.