Introduction to Fiduciary Practices

Introduction to Fiduciary Practices is a basic course for trust officers, investment advisors, brokers, attorneys, and others who provide fiduciary services. It also can be beneficial for support staff that often interacts with clients.

The course usually takes one day, but it can be expanded to a two-day session to explore additional topics or go into greater detail. It also can be customized to your particular staff or training needs.

Course content outline

I. Background

• Context for the trust business
• Why are you in the trust business?

II. Define the Fiduciary Relationship

• Trust: Express vs. Implied
• Testamentary vs. Living
• Revocable vs. Irrevocable
• Personal vs. Charitable
• Guardianship
• Executor
• Attorney-in-fact

III. Back to Trust Basics

• How to create (5 common law requirements)
• Why establish in the first place?
• Account acceptance
• Duties of Trustee / Delegation of Duties
• Powers: Implied vs. Statutory
• Liability for breaches

IV. Activities Frequently Creating Fiduciary Liability

• Environmental Matters
• Closely Held Business Interests
• Investments
• Discretionary Matters