In a recent decision, Judge Edward Nicholas included the following statements in his Final Judgment:
“Mr. Masterson gave the Court a primer on the criteria necessary to establish a fiduciary duty, both express and by implication. His analysis was thorough, objective and well-reasoned – and the Court afforded his testimony great weight.” “Ultimately, this Court agrees with Mr. Masterson.” Bank of America v. Holmes, et al, 2009CA12859, 12th Circuit, Manatee County, Florida.
My testimony in that case addressed the elements necessary for the existence of a trust/fiduciary relationship. Judge Nicholas summarily referred to my reasoning:
“He stated that no fiduciary duty attached for many reasons, including, but not limited to, because the Plaintiff never held title to the asset, because no money ever came under the Plaintiff’s control, because the Bank had no legal interest in the property/asset, and because the parties were simply lender and borrower. Mr. Masterson concluded that no fiduciary duty arose in the relationship between the Plaintiff and the Defendants.”
Mr. Watkins is right on target. If you have fiduciary duties when it comes to investments, being prudent with investment costs is one of your primary responsibilities.
Fiduciaries and The Duty of Prudence: The True Impact of Mutual Fund Fees.
Not to sound like a broken record, but selection of a trustee in your estate plan is one of the most important decisions you can make. Here’s a good synopsis of what you should consider if you are thinking about more than one trustee.
Here is an excellent review of important considerations when choosing a Trustee for your Trust. These considerations also apply when you are choosing a Personal Representative or an Executor.
Who can you trust…with your Trust?
Posted in Duties of Trustee, Estate Planning, Executor, fiduciary, Trust, Trust Administration, trust beneficiary, trustee
Tagged Executor, Personal Representative, Trust, trustee
Personal Injury Plus, or PI+, is a collaboration with a couple of local professionals, Pat Wardian and Dan Brownell. My role is to provide consulting expertise when there is trust solution being considered as part of a personal injury settlement. Check out the website we just set up: www.piplusidaho.com.