Workshop: Trustee 101 - Introduction to Legal Duties and Practical Know-How

Description

Join Roberta O. Getzan, Attorney at Law, for this comprehensive presentation regarding trusts and the duties and responsibilities of successor trustees during a trustmaker’s incapacity and upon a trustmaker’s death.

Topics covered will include: 

• Overview of Trusts: What is a trust? Roles of the Trustee, Grantor, and Beneficiaries.
• Trustee Duties and Responsibilities: Fiduciary duty, loyalty, prudence, and impartiality.
• Trust Administration Basics: Inventorying and securing assets, paying debts and taxes, managing investments, and making distributions to beneficiaries.
• Working with Professionals: What compensation is due to you as Trustee, what responsibilities can you delegate, and when to hire accountants, attorneys, and financial advisors.
• Legal Compliance and Tax Issues: Federal income tax matters, managing homestead property, and dealing with creditors.
• Common Scenarios and Pitfalls: Dealing with conflict and handling trusts for minors and incapacitated beneficiaries.
• Record Keeping and Communication: Keeping good records, beneficiary notices, accountings, and transparency.
• Warnings for Trustees: Personal liability for breach of duty, don't wing it; consult a professional, a trust is not a personal piggy bank.
• Understanding Principal and Income
• And more . . . 

This presentation is free, but seating is limited. Please RSVP to reserve your seat!