A Trustee’s Duty of Care Under the UPIA or…How to Avoid Being a Knucklehead

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A Trustee’s Duty of Care Under the UPIA or…How to Avoid Being a Knucklehead

Date

May 03, 01:00 PM ET

Josh Yager

Learning Objectives

To develop a targeted rate of return and expected risk.
To know if the trustee can’t diversify the trust assets.
To determine if the investment advisor is being paid a reasonable amount.
To analyze what factors should the trustee evaluate when selecting, delegating, and monitoring an investment advisor.
To review benchmarking the investment manager’s performance.

Course Description

Trustees play a critical role in managing and safeguarding the assets within a trust, and understanding their fiduciary responsibilities is paramount.

The Uniform Prudent Investor Act (UPIA) outlines the trustee's duty of care, emphasizing the importance of making informed and prudent investment decisions. This legislation serves as a guide for trustees to navigate the complex landscape of investment management while avoiding common pitfalls.

A trustee must manage the trust asset prudently and in good faith. However, few trustees know how the Uniform Prudent Investor Act defines how prudence is defined or proven. Merely giving the assets to an investment advisor does not meet the high standard of care that applies to the trustee. This webinar aims to demystify these aspects, establishing a comprehensive understanding of how prudence is defined and proven under the Act. By doing so, trustees will be equipped with the knowledge needed to meet the high standard of care expected of them, surpassing the mere act of entrusting assets to an investment advisor. This course will establish the “best practices” for the management of trust assets.

Major Topics Covered:

What is Prudent?
Exculpation Clause
The Administrative Plan
Bear Market Contingency
Trustee Fees
Prudent Selection of Agent

Join this CPE Finance course, trustees will be well-versed in the "best practices" for managing trust assets, ensuring they fulfill their fiduciary duties prudently and in good faith under the guidelines of the UPIA.

Webinar Qualifies For

1 CPE Credit of Finance for Certified Public Accountants (CPA-US)
1 General Credit of Finance for Accountant/Bookkeeper/Tax Professionals
1 CPD Credit of Retirement and Financial Independence Planning for Personal Financial Specialist (PFS)
1 PL Credit of Finance for Chartered Financial Analyst (CFA)
1 CE Credit of Finance for Chartered Financial Consultant (ChFC)
1 CE Credit of Financial Planning for Certified Senior Advisor (CSA)
1 CPD Credit for Trust and Estate Practitioners (TEP)
1 CE Credit of Financial Planning for Certified Wealth Strategist (CWS)
1 CE Credit of Finance for Retirement Income Certified Professional (RICP)
1 CE Credit of Financial Planning for Certified Fiduciary and Investment Risk Specialist (CFIRS)
1 CE Credit of Finance for Financial Services Certified Professional (FSCP)
1 CE Credit of Finance for Wealth Management Certified Professional (WMCP)
1 CE Credit of Finance for Chartered Advisor in Senior Living (CASL)
1 CPE Credit of Finance for Iowa Licensed Public Accountant (IA-LPA)
1 PL Credit of Finance for CIPM
1 CPE Credit of Finance for Maine Licensed Public Accountant (ME-LPA)
1 CPE Credit of Finance for Delaware Licensed Public Accountant (DE-LPA)
1 CE Credit of Finance for Chartered Special Needs Consultant (ChSNC)

About Instructor

Josh Yager

Principal, Anodos Advisors

Josh Yager is a recognized expert on the management and oversight of trust assets. He lectures and writes extensively on the policies, procedures, and practices for the prudent administration of trusts. He has been invited to speak to various Bar associations, CPA chapters, estate planning councils, Professional Fiduciary Association forums and AICPA national events. Josh has testified on prudent governance practices before in the California Courts, the Texas Pension Review Board and the Alaska Retirement Management Board. Josh has led governance consulting engagements for the boards of public pension funds responsible for assets in excess of $30b, foundation and endowment boards with assets in excess of $250m and for individual trustees with modestly funded trusts.

Additional Information

Duration

1 Hour

Course Level

Basic

Instructional Method

Group Internet Based

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

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Michael Magee, CPA (US)

I found this course very interesting and informative on a subject. I know very little about. course was very organized and contained the right information for the time allotted