Final answer:
The correct answer is d. All of the above. The commonly granted trustee powers include asset management, cash distribution, and administrative responsibilities such as bookkeeping, which are vital for effective trust operation.
Step-by-step explanation:
Among the more commonly granted trustee powers are those pertaining to the retention, purchase, and sale of assets; those pertaining to distributions of principal and income cash; and, those pertaining to the trustee’s bookkeeping, accounting, and safekeeping responsibilities.
Therefore, the correct answer to the question is d. All of the above. Trustees are essential to the operation of a trust, and these powers ensure that they can manage the trust effectively for the benefit of the beneficiaries, adhering to the terms set forth by the settlor (deceased), especially when the trust becomes irrevocable upon death.
A trust can be considered a type of “family bank,” where the transfer of assets to heirs is facilitated privately, outside of probate court. Trustees have the responsibility to manage these assets prudently, following principles of justice in acquisition and transfer.
This role is akin to that of a steward or an agent who administers wealth in a way that benefits the community or constituents, as delineated in historical and contemporary contexts surrounding the management and governance of public and private interests.