LIVE REPLAY: Individual Trustees - Duties and Potential Traps
September 2013
LIVE REPLAY: Individual Trustees - Duties and Potential Traps
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Program Description:
When an individual serves as a trustee, he or she assumes substantial fiduciary obligations for the administration of the trust, including making discretionary distributions, investment management, communications with beneficiaries, and tax and financial reporting. These fiduciary responsibilities are far more onerous when discharged by individual trustees, even when they are working with professionals, than by institutional trustees. The burden can sometimes give rise to lapses, conflicts with beneficiaries, and potentially litigation. This program will provide you with a practical guide to the fiduciary duties and traps for your clients who act as trustees - or when attorneys act as trustees - and how to avoid conflicts and litigation.
- Practical duties and fiduciary traps for individual trustees
- Discretionary distributions - standards for distributions, prudent financial management, and managing beneficiary expectations
- Management of liquid assets in a volatile market and working with investment professionals
- Special challenges of working with family or other operating businesses held in trust
- Communications with beneficiaries - anticipating and preventing conflicts before litigation arises
- Compliance issues - ongoing tax and financial reporting
Faculty:
Daniel L. Daniels is a partner in the Greenwich, Connecticut office of Wiggin and Dana, LLP, where his practice focuses on representing business owners, corporate executives and other wealthy individuals and their families. A Fellow of the American College of Trust and Estate Counsel, he is listed in “The Best Lawyers in America,” and has been named by “Worth” magazine as one of the Top 100 Lawyers in the United States representing affluent individuals. Mr. Daniels is co-author of a monthly column in “Trusts and Estates” magazine. Mr. Daniels received his A.B., summa cum laude, from Dartmouth College and received his J.D., with honors, from Harvard Law School.
David T. Leibellis a partner in the Greenwich, Connecticut office of Wiggin and Dana, LLP, where he has an extensive estate, trust and charitable giving practice. He previously worked in the financial services industry, specializing in the financial aspects of estate planning. Mr. Leibell is a frequent lecturer on fiduciary topics throughout the United States, and has authored many articles on charitable, estate and tax planning topics. He is the author of a monthly column in “Trusts & Estates” magazine. He also authors a column for “Registered Representative Magazine.” Mr. Leibell received his B.A. from Trinity College and his J.D. from Fordham Law School.
Registration Fees
| Non Member | $109.00 |
| CBA | $89.00 |
- General Credits: 1.00
- Ethics Credits:
- EDI Credits:
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