Basics of Trust Administration

• Overview
• Credits

Gain a thorough understanding of trust administration best practices.Many individuals who are named as trustees or successor trustees are unaware of the myriad duties and responsibilities that come along with the office. They miss important deadlines and unknowingly breach their duties. This topic will explore the Uniform Trust Code in detail and explain trustee duties and responsibilities in order to allow those advising beneficiaries and trustees to provide meaningful advice. Receive practical guidance regarding maintaining trustee records and dissemination of the same.

Authors

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 Defenses

• Third Party Protection

• Certification of Trust

Miscellaneous Provisions