What Does It Really Mean To Diversify Trust Assets?What Does It Really Mean To Diversify Trust Assets?
Though more than a dozen years have passed since the National Conference of Commissioners on Uniform State Laws approved and recommended that states adopt the Uniform Prudent Investor Act (UPIA), there still is relatively little case law interpreting the statute and its various state-by-state adaptations.1 Further, the law that does exist is far from clear. Adding to the confusion is the fact that
Maureen S. Bateman, partner, and Faith Carter, associate, Holland & Knight LLP, New York
Though more than a dozen years have passed since the National Conference of Commissioners on Uniform State Laws approved and recommended that states adopt the Uniform Prudent Investor Act (UPIA), there still is relatively little case law interpreting the statute and its various state-by-state adaptations.1 Further, the law that does exist is far from clear. Adding to the confusion is the fact that the so-called Prudent Person Rule, the somewhat less stringent common law standard that guided trustee investments prior to the UPIA, still applies to acts performed by a trustee before a state's enactment of the UPIA. As a result, the investment behavior ex...
Unlock All Access Premium Subscription
Get Trusts & Estates articles, digital editions, and an optional print subscription. Choose your subscription now and dive into expert insights today!
Already Subscribed?
