Risk Mitigation for the Successor Trustee or War Stories of an Expert Witness

Learning Objectives

• To identify key risk areas encountered by successor trustees.
• To discuss guidelines for trustee compensation.
• To analyze and differentiate between an annual account and a court accounting.
• To inspect UPIA principles: Manager Selection, Delegation, and Monitoring.
• To explain the optimal application of NOPA in trust administration.

Course Description

This course is valid up to December 31st, 2024 for CFP Professionals. It is advisable to complete this course before that to process the credit on time.

Elevate your trust administration skills and safeguard your responsibilities as a successor trustee with our comprehensive webinar: "Risk Mitigation for the Successor Trustee or War Stories of an Expert Witness." Delve into the intricacies of trust management as we navigate the challenges faced by non-professional trustees – often family members or friends – entrusted with this critical role. With limited time, expertise, and formal training, these trustees often find themselves overwhelmed by the complexities of trust administration, leaving them vulnerable to errors and personal liabilities.

In this engaging CPE webinar, we'll equip you with seven essential risk mitigation strategies tailored specifically for successor trustees. Gain invaluable insights into identifying key risk areas, navigating trustee compensation guidelines, and understanding the crucial distinction between an annual account and a court accounting. Explore the intricacies of the Uniform Prudent Investor Act (UPIA), including manager selection, delegation, and effective monitoring techniques, essential for prudent trust management.

Don't miss out on mastering the nuanced protocols of trust administration. Learn when and how to leverage the Notice of Proposed Action (NOPA) effectively, empowering you to navigate trust administration with confidence and proficiency. Join us for an insightful course packed with practical tips, real-world scenarios, and expert guidance that will empower you to fulfill your trustee duties effectively while mitigating risks. Secure your success as a successor trustee – enroll now!

Focus Areas:

• Risk areas for successor trustees
• Trustee compensation guidelines
• Annual account vs. court accounting
• UPIA principles: Manager Selection, Delegation, and Monitoring
• Effective utilization of NOPA

Overview

• The prudent trustee

  5 mins
• The annual account

  12 mins
• Manager selection & delegation

  27 mins
• Monitoring the manager

  37 mins
• Trust stress test

  44 mins
• Error & omission (E&O) insurance for trustees

  54 mins