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 material 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 the duties and responsibilities of the trustee.
- You will be able to differentiate between a revocable trust vs a irrevocable trust.
- You will be able to differentiate the parties involved in a revocable trust and an irrevocable trust.
- You will be able to identify the reasons for creating a revocable trust vs an irrevocable trust.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
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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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last reviewed on March 8, 2023.
Call 1-866-352-9540 for further credit information.
No Credit AvailableThis program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Tereina Stidd, J.D., LL.M.
American Academy of Estate Planning Attorneys, Inc.
- Associate Director of Education at the American Academy of Estate Planning Attorneys, a national organization dedicated to promoting excellence in estate planning
- Co-author of the chapter Homestead in Basic Estate Planning in Florida, 6th, 7th, and 8th ed. published by the Florida Bar
- Members of the Academy focus on Estate Planning, Trust and Estate Administration, Elder Law, and Tax Law
- See attached
- 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
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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