Fiduciary Law explains how a power of appointment is created and exercised. This course explains the characteristics of current interest in property, defines future interest in property, and identifies the types of concurrent ownerships. It describes what determines whether a property is community property, and explains situations that may modify characterization of community property vs. separate property. This course also explores the most common form of estate planning in a community property jurisdiction. This course explains provisions that protect the surviving spouse in common law states. It describes the prudent management of assets investment strategy. This course also explains characteristics and criticisms of the Prudent Person Rule and describes the features of the Prudent Investor Rule. This course identifies issues relating to administering investment securities in fiduciary accounts. It describes the history of the Uniform Principal and Income Act and how it affects trusts.
Audience: Trust officers with at least three years of personal trust experience who need a deeper understanding of technical trust concepts and how solutions work when applied to client needs.
Learning Objectives: After completing this course, students will be able to:
- Describe powers of appointment
- Explain interest in property and the protection under the law
- Identify the characteristics and legal guidelines for community property, common law, and separate property
- Describe the Prudent Person and Prudent Investor rules
- Explain the issues associated with investment securities held in fiduciary accounts
- Explicate allocation of receipts and disbursements between income and principal