Finding Fiduciaries: The Attorney as Fiduciary, Part 3

James McNary / December 7, 2018
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Occasionally a client will ask her attorney to serve as trustee (or trust protector). Any attorney considering acceptance of a fiduciary appointment must be mindful of several practical and ethical considerations. First, the attorney should determine whether her professional liability insurance covers acting as a fiduciary. The attorney should then consider the following ethical obligations […]

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Finding Fiduciaries: Using Trust Protectors and Directed Trustees, Part 2

James McNary / December 3, 2018
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The Minnesota Trust Code introduced several new fiduciary or quasi-fiduciary positions into Minnesota trust law. Minnesota Statute section 501C.0808 creates the offices of “trust protector”, “directing party” and “directed trustee.”  The estate planning attorney should be familiar with the “directed trust” concept and understand how these new positions may be used to enhance an estate […]

Finding Fiduciaries: General Considerations, Part 1

James McNary / September 21, 2018
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Fiduciary selection is often given insufficient consideration in estate planning engagements. Too often the process of choosing a fiduciary is limited to the consideration of which family members are disqualified from acting as trustee; with little or no consideration of the skills required of a trustee. An attorney must help her client understand the fiduciary’s […]