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Basics of Trust Administration - Webinar

  • ID: 3765167
  • Webinar
  • 90 Minutes
  • Lorman Business Center, Inc.
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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.

Learning Objectives
  • You will be able to identify issues that commonly arise in trust administration.
  • You will be able to explain the duties and responsibilities of the office of trustee.
  • You will be able to describe the typical records that need to be kept by a trustee.
  • You will be able to discuss the powers of a trustee.
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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
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Tereina Stidd - Cole Schotz P.C.
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This webinar is designed for attorneys, estate planners, accountants, presidents, vice presidents, tax managers, financial planners, trust administrators and lenders.
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