Friday, March 28, 2014
The American Bar Association is sponsoring a CLE entitled, What It Means To Be A Fiduciary, on April 15, 2014 at 1:00 pm ET. Provided below is a description of the event:
Trustees are the stewards of the grantors legacy. They are required by law to fulfill the wishes of the grantor who set up the trust, to invest responsibly, and to always put the needs of the trust and its beneficiaries above their own.
However, serving as a trustee is increasingly risky. Beneficiaries have discovered that the courts are a place where they can seek redress for actual or perceived wrongs. Even conservative and cautious trustees can stumble over the execution of their fiduciary duties when dealing with real people and their complicated circumstances.
Knowing the trust instrument and your core duties and responsibilities as a trustee are key.
Following consistent processes for administration and decision-making often will lead to a better substantive result and not just liability mitigation (Need to go beyond policies and procedures manual). Good communication with beneficiaries is absolutely critical. Involve all the right people and experts in decision-making. Learn when you have entered risky territory. Practice good risk management to avoid or at least mitigate future challenges.
Good results are the product of a consistent and thoughtful process.