Structuring Directed Trust Provisions: Granting Powers to Non-Trustees Under Uniform Directed Trust Act
Bifurcating Trust Duties, Applying Fiduciary Rules to Trust Directors, Protecting Beneficiaries
Recording of a 90-minute CLE/CPE webinar with Q&A
This CLE/CPE course will provide estate planning counsel and advisers with a practical guide to structuring special or “directed” trusts that grant power over a trust to a person who is not a trustee. The panel will discuss the specific challenges and opportunities in assigning duties between directed persons and trustees and detail the provisions of the Uniform Directed Trust Act (UDTA) that may be applied to draft or amend directed trusts.
Outline
- Common terms and provisions of directed trusts
- Fiduciary issues with trust directors
- Identifying party responsible for loss or breach of duty
- Specifying what powers are outside of the trustee’s scope of responsibility
- Establishing duties of trust directors
- Uniform Directed Trust Act
- State approaches to directed trusts
- Using directed trusts for specific trust applications
- Drafting tools and modifying existing directed trusts
Benefits
The panel will review these and other critical issues:
- What are key states’ approaches to directed trusts?
- What are the benefits and fiduciary and tax risks in using directed trusts?
- Terms and clarifications made in the UDTA to the fiduciary treatment of trust directors
- Contrasting directed trusts with a delegation of duties
- Using directed trusts for special needs trusts
Faculty
Todd A. Flubacher
Partner
Morris Nichols Arsht & Tunnell
Mr. Flubacher represents individuals in matters involving complex estate planning, asset protection, estate... | Read More
Mr. Flubacher represents individuals in matters involving complex estate planning, asset protection, estate administration, trust and estate litigation and state and federal taxation advice. His practice emphasizes the unique aspects of Delaware trust law, including asset protection trusts, dynasty trusts, and deferred income charitable remainder trusts. He is a published author on decanting issues.
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Cynthia D. M. Brown, J.D., TEP
President
Commonwealth Trust Company
Ms. Brown focuses in the areas of trust administration, estate planning and tax. Her responsibilities include oversight... | Read More
Ms. Brown focuses in the areas of trust administration, estate planning and tax. Her responsibilities include oversight of trust administration, trust operations and compliance. In addition, Cindy is an active member of the Delaware State Bar Association Trust Act Committee, which drafts annual revisions to the Delaware Code. Previously, she worked at a large Philadelphia law firm, where, among other things, she administered estates and trusts, drafted sophisticated estate planning documents, prepared and reviewed Federal and State death tax returns, and prepared and reviewed fiduciary accountings.
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