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.
Credit
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Why Lorman?
Over 34 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
Credit
More Program Information
Why Lorman?
Over 34 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 revised on September 24, 2018.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 2.0 including Management Services 2
- Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Management Services for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
Credit
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Why Lorman?
Over 34 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
Cole Schotz P.C.
- Attorney with Cole Schotz P.C.
- Concentrates practice in the area of estate planning, probate and trust administration, probate litigation and tax
- Co-author of the chapter “Homestead” in Basic Estate Planning in Florida, 6th, 7th and 8th ed. published by the Florida Bar
- Contributor to Estate, Gift, Trust and Fiduciary Tax Returns Planning and Preparation published by Thomson Reuters
- Recognized many years as a Super Lawyers Florida Rising Star
- Spoken on various estate planning, retirement assets, homestead and probate matters
- 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
- Licensed to practice law in both Florida and North Carolina
Credit
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Why Lorman?
Over 34 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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