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Credits

Sponsored by Lorman Education
Product ID: 405781EAU
 
Credit & Course Provided by:

Basics of Trust Administration

OnDemand Webinar (89 minutes)

Gain a thorough understanding of designing trusts and executing trust administration best practices.Many individuals who are named as trustees or successor trustee are unaware of all of the duties and responsibilities that come along with the office. They may miss important deadlines and unknowingly breach their duties. This topic will explain trustee duties and responsibilities and allow those advising trustees and successor trustees to give meaningful advice. Receive practical guidance regarding maintaining appropriate trustee records and determination of entitlement to those records. This information is critical for anyone who regularly deals with trustees and who provides guidance regarding trust administration.

Authors

Tereina Stidd, Cole Schotz P.C.

Agenda

General Trustee Duties

• Administer the Trust

• Skill and Care

• Give Notices

• Furnish Information and Communicate

• Account

• Not to Delegate

• Loyalty

• Avoid Conflicts of Interest

• Segregate Trust Property

• Impartiality

• Invest

• Enforce and Defend Claims

• Confidentiality

Trustee Responsibilities

• Hold Trust Property

• Invest Trust Assets

• Distribute Income/Principal

• File Tax Returns

• Comply With Other Government Regulation and Statutes

• Record Transactions

• Report to Beneficiaries

Trust Assets

• Investment

• Distribution

• Records/Accounting

Related Issues

• Trustee Compensation

• Trustee Liability

• Removal

• Resignation