The Trustee's Role in Directed TrustsThe Trustee's Role in Directed Trusts
Over the last decade, trust law has undergone a transformative evolution. It's becoming commonplace for trust settlors to design so-called directed trusts and to transfer existing trusts to new jurisdictions to become modified as directed trusts. These trusts include provisions that allow for an advisor, co-trustee or other fiduciary to direct the trustee on how to exercise a variety of ministerial
David A. Diamond & Todd A. Flubacher
Over the last decade, trust law has undergone a transformative evolution. It's becoming commonplace for trust settlors to design so-called “directed trusts” and to transfer existing trusts to new jurisdictions to become modified as directed trusts. These trusts include provisions that allow for an advisor, co-trustee or other fiduciary to direct the trustee on how to exercise a variety of ministerial and discretionary responsibilities, such as investment decisions pertaining to all or a portion of the assets, tax reporting, distributions, transfer of trust situs, amendments to the trust instrument and how and when beneficiaries receive notices and information. The trustee continues to possess the trust...
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