| The
Role of a Fiduciary The Role of an Executor The Role of a Charitable Remainder Trust Trustee The Role of a Conservator The Role of a Trustee Irrevocable Life Insurance Trust |
| A
Fiduciary is a person who assumes responsibility for a position of
trust. Often, fiduciaries serve by a court appointment as a conservator
or trustee, as well as a guardian or personal representative of estates
named in an individual’s estate planning documents.
Typical responsibilities include: · Prudent
management of the Trust assets The trust document controls the role of the trustee and needs to be reviewed with the Trustor/Grantor for a total understanding of intentions. For example, a clear understanding must be attained for general dispositive provisions, powers of appointment, distribution plan instructions, disclaimers, estate taxes, allocation of principal and income, generation-skipping transfers, income tax issues, disqualified persons, any ambiguities or drafting errors and asset schedules. It is the fiduciary’s responsibility to identify to the Trustor/Grantor normal and accepted business practices that can create actual or apparent conflict of interest within the context of fiduciary responsibility.
|