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.
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.
Agenda
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 Defences
- Third Party Protection
- Certification of Trust
Miscellaneous Provisions
Speakers
Tereina Stidd, J.D., LL.M.,
American Academy of Estate Planning Attorneys, Inc.- Director of Education at the American Academy of Estate Planning Attorneys, a national organization dedicated to promoting excellence in estate planning
- Co-Author Chapter 6 Homestead in Basic Estate Planning in Florida, 6th-11th ed., published by the Florida Bar
- Member of the Tax and Real Property, Probate, and Trust Law Sections of the Florida Bar
- J.D. degree, the Claude W. Petit College of Law at Ohio Northern University; LL.M. degree in taxation, the University of Miami School of Law; B.A. degree in political science, cum laude, St. Bonaventure University
Who Should Attend
This live webinar is designed for attorneys, estate planners, accountants, presidents, vice presidents, tax managers, financial planners, trust administrators, and lenders.
