Fundamental Principals of Trust Administration and Role of the Trustee
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Don't leave your client out to dry. Gain a thorough understanding of designing trusts and executing trust administration best practices.
Many estate plans fail to include the most useful tool in the industry - a trust. Trusts can be very useful to accomplish a client's purposes and in many cases may accomplish what a basic Will may not. However, clients fail to use trusts as part of their basic estate planning because of the perceived complexities behind the formation and administration of trusts. This topic will help advisors understand the basic principles behind the law of trusts and provide a platform that can be used to concisely explain, discuss and market the use of trusts as a complimentary tool to a client's estate planning portfolio. This material will walk you through the rules governing the formation and implementation of trusts, and will discuss the basic principles of the uniform trust code, which has been adopted by most states. As an added tool, this topic will highlight how disputes can be avoided in the future when the client has adequately and carefully thought through and appreciated the role of the trust beneficiary and the duties and obligations of a trustee. Finally, the topic will provide a very brief discussion on the general rules governing the income taxation of trusts and how it impacts the income taxation of trust beneficiaries. This information will be helpful to new and seasoned advisors who wish to properly incorporate the use of basic trust structures in a client's estate planning portfolio and will highlight pertinent issues to assist advisors in the efficient management and administration of well-established trusts.
Speakers: Jennifer V. Abelaj, Anta Cisse-Green
Program Topics:
| Identify Key Players |
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- Grantor/Settlor/Trustor
- Trustee, Beneficiary
- Trust Protector/Directed Trustee
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Identify the Trust Type, Beneficiaries, and Jurisdiction |
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- Lifetime Trusts, Testamentary Trusts
- Beneficiaries
- Jurisdiction
- Important for
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Trust Modification |
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- Revocable, Irrevocable
- Jurisdiction – Choice of Law
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The Trustee |
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- Fiduciary Duties
- Powers
- Succession
- Commissions
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Trust Assets |
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- Real Property
- Funds Held in Financial Institutions
- Tangible Property
- Now – Digital Assets – Be Wary
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Beneficiaries |
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- Revocable, Irrevocable
- Minors
- Class
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Trust Termination and Probate Court |
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- Early Termination, Final Termination
- Lifetime Trusts vs. Testamentary Trust Termination
- Minors
- Class
- Probate Court Involved at Death (See Jurisdiction) or Modification of Irrevocable Trust (See Jurisdiction)
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Applicable Tax Rules |
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- Income Taxation of Trusts and Beneficiaries
- Gift
- Estate
- Generation Skipping Transfer
- Income
- Charitable Deduction
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