Fiduciary Duty - Best Practices
If you are serving as a fiduciary, then you need to follow some basic “best practices.” What follows are the initial steps that you should consider taking, and then overall guidelines.
First, understand your role. The most common types of fiduciary roles have a writing (a trust, a will, a court order, a power of attorney) and an applicable statute. Read them.
Second, know your beneficiaries. These...
What is a Trust?
A trust is an arrangement involving three parties, the trustor, the trustee, and the beneficiary. The trustor is the creator of the trust who transfers real or personal property to the trustee of the trust. The trustee holds the transferred assets for the benefit of the third party who is the beneficiary of the trust.
The trustee of the trust is a fiduciary. The trustee has a...
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