Quasi-Fiduciary

By: Martin M. Shenkman, CPA, MBA, JD

In many sophisticated trust documents, positions other than trustee are provided for. These may include a trust protector or trust adviser (someone who might be authorized to change trustees or the state law that governs trusts), a trust investment adviser (who manages trust assets), a distribution committee (makes distribution decisions) and perhaps others. Sometimes these persons are referred to as "quasi-fiduciaries" in that their roles are not as broad as a trustee's role. The term "quasi-fiduciary" should be used carefully, as a trust protector, for example, might be as much of a fiduciary as a trustee.

Our Consumer Webcasts and Blogs

Subscribe to our email list to receive information on consumer webcasts and blogs, for practical legal information in simple English, delivered to your inbox. For more professional driven information, please visit Shenkman Law to subscribe.

Ad Space