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Lessons for Trustees and Beneficiaries Part IV- Fiduciary Duties

Fiduciary duties are duties owed by a Trustee to the Beneficiaries of a Trust.  One of those duties is the duty of Impartiality.  Impartiality means that if a Trust has two or more beneficiaries, the Trustee has a duty to treat all beneficiaries fairly.  Fairly does not necessarily mean equally; It all depends on the terms of the Trust.  The terms of a Trust can state that one beneficiary should be favored over another.  For example, when the beneficiaries of a Trust are a spouse and children, the spouse is often favored during her lifetime.  If that is the case, then the Trustee… Read the rest