SIOUX FALLS ESTATE PLANNING COUNCIL

WHO WANTS THIS JOB? SELECTION OF TRUSTEES AND OTHER FIDUCIARIES

The selection of a fiduciary is very often a decision that does not get anywhere near the attention it deserves. A fiduciary position requires substantial, specialized expertise and the ability to make sober and sound judgments in order to perform at the highest level and to avoid the high risk of liability. The fiduciary is charged with the responsibility of following the terms of the governing instrument and applicable state law while at the same time seeking to maintain a productive, or at least tolerable, relationship with the beneficiaries. This teleconference will focus on the following:

• Checklist of fiduciary duties
• Ascertaining who has the ability, judgment and temperament to be a fiduciary
• Individual fiduciaries versus corporate fiduciaries
• Tax consequences of fiduciary selection
• Fiduciary compensation considerations