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Fiduciary Duties and Responsibilities:

  • Duty to prudently invest
  • Duty to administer trust in good faith
  • Duty of loyalty to the beneficiaries
  • Duty of impartiality among beneficiaries
  • Duty to manage costs
  • Duty to exercise special skills or expertise
  • Duty to protect the trust property
  • Duty to keep records and keep assets separate
  • Duty to pursue claims
  • Duty to inform and account to beneficiaries

Exercising due diligence in maintaining fiduciary standards of care:

  • Know standards, laws, and trust provisions
  • Diversify assets to specific risk/return profile of client
  • Prepare investment policy statement
  • Perform legal review of all service agreements and contracts with custodians and managers
  • Use "prudent experts" and document due diligence
  • Control and account for investment expeneses
  • Monitor the activities of "prudent experts"
  • Advice to avoid conflicts of interests and prohibited transactions
  • Annual accountings and legal notices