Basics of Trust Administration

Training Provided by Lorman Education Services nThis teleconference will provide an overview of basic principles of trust administration under U.S. law, including powers and duties of trustees; relations with beneficiaries; removal and replacement of trustees; the use of directed trustees, protectors and investment managers, etc., to "slice and dice" trustee powers; probate court involvement in trust administration; and concepts in fiduciary accounting and income tax reporting. The materials and the speaker will focus on general concepts and principles shared by the laws in most U.S. states with an emphasis on the considerable deviations that written trust instruments can make from state law. The materials will provide citations to the Uniform Trust Code and to the laws of two non-UTC states (New York and Indiana) to illustrate each general principle or issue. n nThis teleconference will be a useful introduction to trust administration principles or a refresher course in those principles for professionals who will begin working or will work more with trusts, or who may be called upon to advise clients about the design and drafting of trusts and the selection of trustees. n

Basics of Trust Administration Agenda

1. Dramatis Personae: Settlor (or Grantor), Trustee and Beneficiaries
2. Rules One and Two: Read the Trust Instrument and Read the Trust Instrument
3. Rule Three: Read the Substantive State Law
4. Rule Four (for Lawyers): Who Is Your Client?
5. Initial Appointment of the Trustee(s), Selection of Trustees and Trustee Acceptance of the Trust
6. General Fiduciary Duties of Trustees
7. Powers of Trustees
8. Relations Between Trustees and Beneficiaries
9. Relations Between Trustees and Third-Parties
10. Rights or Powers Reserved by or to the Settlor of a Trust
11. Early or Final Termination of a Trust
12. Fiduciary Accounting Principles for Trusts
13. Overview of Trust Income Tax Reporting Under Federal Law
14. Trustee Succession (Resignation, Removal, Replacement)
15. Involvement by Probate Courts in the Administration of Trusts
16. Multiparticipant Trusts and the Use of Trust Protectors, Trust Advisors, Directed Trustees, Committees and Investment Managers

About The Training Provider: Lorman Education Services

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