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1:00 p.m.
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Welcome and Program Introduction
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Garrison
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1:15 p.m.
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Duties and Powers of the Trustee
Legally, a trustee is a fiduciary, which means the trustee has a duty to avoid conflicts of interest and always act in the best interests of beneficiaries. Our speakers address the primary roles and responsibilities of trustees as well as the liability that comes with oversight of trust investments, distributions and compliance and, in some cases, guardianship or other family-related responsibilities.
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Garrison
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2:30 p.m.
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Break
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Garrison Foyer
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2:45 p.m.
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Educating the Beneficiary
All beneficiaries need to know their rights, roles and responsibilities as well as those of the trustee and the rules that govern the trust. However, those are just the basics. A trust is more than a legal structure or series of transactions. It sets into motion a dynamic relationship among the grantor, trustee and beneficiary. This session will examine how beneficiaries can nurture and manage that relationship for the long term.
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Garrison
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3:45 p.m.
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Distribution Provisions: Understanding the Issues and Options
Trust attorneys discuss the key issues related to trust distributions, including discretionary versus required distributions from a trust, the unitrust concept, and exhausting trust assets. This session will also cover the many factors that trustees should consider when faced with requests for discretionary distributions including the potentially negative reaction of other family members to the granting of discretionary distributions to a beneficiary.
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Garrison
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4:30 p.m.
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Ask the Experts
Workshop participants have the opportunity to pose questions to the full roster of speakers. This facilitated question and answer session provides everyone with the chance to gain a range of expert insights and to directly question speakers on the issues addressed during the workshop.
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Garrison
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5:30 p.m.
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Cocktail Reception and Dinner
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7:45 a.m.
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Breakfast
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Henry Salon
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8:30 a.m.
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Understanding Prudent Investor Practices and the Prudent Investor Rule
This session examines the evolution of fiduciary standards for the investment of trust assets and the ramifications for trustees of the Uniform Prudent Investor Act. In addition to the Prudent Investor Rule, this session highlights certain practices that can be incorporated in trust administration as best practices.
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Garrison
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10:00 a.m.
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Break
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Garrison Foyer
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10:15 a.m.
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Role Playing with Peers
Workshop participants gain a deeper understanding and appreciation of the perspective of trustees and beneficiaries in a role-playing exercise involving small groups. With one individual acting as a “trustee” and the other individuals as “beneficiaries,” each group engages in dialogue based on a case study of a specific trust-related issue.
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Henry Salon
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12:00 p.m.
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Lunch
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Henry Salon
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1:00 p.m.
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Peer Discussion
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Henry Salon
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2:00 p.m.
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Fiduciary Risk and Litigation
Fiduciary risk can be a leading liability for trustees. Therefore, individuals are wise to carefully consider the responsibilities and accompanying risks before agreeing to serve as a trustee, even if the request should come from a close friend. Our speakers examine the areas of liability for trustees as well as ways in which insurance and trust documents can limit or minimize liability exposure for trustees.
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Garrison
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3:00 p.m.
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Break
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Garrison Foyer
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3:15 p.m.
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Trustee Best Practices
Fiduciary risk can be a leading liability for trustees. The ideal trustee is objective, a meticulous recordkeeper and experienced in the multiple facets of trust administration, including accounting, tax compliance, custody, and reporting to and meeting with beneficiaries. This session is a recap of the workshop and examines the desired traits of a trustee and also best practices in day-to-day administration of a trust.
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Garrison
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4:15 p.m.
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Ask the Experts
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Garrison
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5:00 p.m.
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Adjournment
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