Showing posts from January 25, 2014

The Saturday Trust—Choosing the Right TTE

The Right Stuff

Let's start with what it takes to be a good trustee from both the perspective of someone who is currently in this role and from the standpoint of someone who is setting up a trust.  

#1:  Fiduciary Responsibility

From the Free Online Dictionary

fiduciary 1) n. from the Latin fiducia, meaning "trust," a person (or a business like a bank or stock brokerage) who has the power and obligation to act for another, often called the beneficiary, under circumstances which require total trust, good faith and honesty.
A fiduciary relationship encompasses the idea of faith and confidence and is generally established only when the confidence given by one person is actually accepted by the other person. Mere respect for another individual's judgment or general trust in his or her character is ordinarily insufficient for the creation of a fiduciary relationship. The duties of a fiduciary include loyalty and reasonable care of the assets within custody. All of the fiducia…