Description
Gain a thorough understanding of trust administration best practices.
Trustees and successor trustees have limited understanding of the myriad duties and responsibilities that come along with the office. These individuals inadvertently miss important deadlines and unknowingly breach their duties. This presentation will explore provisions of the Uniform Trust Code which form the basis for the trust code in most states in detail. The program will explain trustee duties and responsibilities which will enable those advising beneficiaries and trustees to provide meaningful advice regarding all aspects of trusts administration.
Date: 2024-08-07 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to review general provisions and definitions.
* You will be able to discuss revocable trusts.
* You will be able to explain duties and powers of trustee.
* You will be able to identify liability of trustee and rights of persons dealing with trustee.
General Provisions and Definitions • Uniform Trust Code
• Knowledge
• Notice
• Nonjudicial Settlement Agreements
Judicial Proceedings
• Jurisdiction
• Venue
Representation
Creation, Validity, Modification, and Termination
• Creation
• Modification
• Termination
Creditors Claims, Spendthrift, and Discretionary Trusts
Revocable Trusts
• Capacity of Settlor
• Revocation/Amendment
• Powers of Withdrawal
• Limitations on Contesting
Office of Trustee
• Acceptance
• Co-Trustees
• Delegation
• Vacancy in Office
• Resignation/Removal
• Compensation
• Reimbursement
Duties and Powers of Trustee
• Administer Trust
• Loyalty
• Skill and Care
• Impartiality
• Special Skills
• Segregate Trust Property
• Enforce and Defend Claims
• Adequate Records
• Collect Property
• Inform Beneficiaries
• Exercise Powers
Uniform Prudent Investor Act
Liability of Trustee and Rights of Persons Dealing With Trustee
• Breach
• Trustee Defenses
• Third Party Protection
• Certification of Trust
Miscellaneous Provisions
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Tereina Stidd, J.D., LL.M.-American Academy of Estate Planning Attorneys, Inc.
