Investing trust assets is one of the major obligations and jobs of a fiduciary … and also receives the most judgment.
Making investment decisions is one of the things the trustee is judged the harshest on. There is a lot of litigation in regards to the way a trustee has invested, or failed to invest, and why or how they invested the assets. The Uniform Prudent Investor Act and the Prudent Investor Rule has been adopted in 43 states and D.C. and those that have not adopted it have adopted similar statutes. This generally provides that a trustee owes a duty to comply with the Prudent Investor Rule, however the prudent investor rule can be explicitly waived by trust creator. Watch this video for details on how to avoid liability and discharge fiduciary duties.
Brian K. Janowsky
Schiff Hardin LLP
- Counsel in the Private Clients, Trusts and Estates group of Schiff Hardin LLP, based in the firm's New York office
- Counsels high net worth clients and business owners
- Implemented sophisticated lifetime and testamentary wealth transfer techniques and advised fiduciaries and beneficiaries in the administration of trusts and estates
- Frequent speaker on various estate planning topics
- J.D. degree, cum laude, Albany Law School; B.S.B.A. degree, University of Pittsburgh, College of Business Administration
- Can be contacted at 212-745-9534 or [email protected]
Jessica J. Birnbaum
Schiff Hardin LLP
- Attorney in the Private Clients, Trusts and Estates group in the Chicago office of Schiff Hardin LLP
- Practice emphasizes all aspects of estate planning, including wills and trusts, lifetime gift planning, estate administration, charitable planning, and trust modifications
- J.D. degree, magna cum laude, University of Pennsylvania Law School; B.A. degree, Northwestern University
- Can be contacted at 312-258-5559 or [email protected]
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