
Contents
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I. Introduction I. Introduction
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II. Trigger and Scope II. Trigger and Scope
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III. Duty of Loyalty III. Duty of Loyalty
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IV. Duty of Prudence IV. Duty of Prudence
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A. Distribution A. Distribution
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B. Investment B. Investment
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1. Codifying Portfolio Theory 1. Codifying Portfolio Theory
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2. Recurring Difficulties 2. Recurring Difficulties
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C. Custody and Administration C. Custody and Administration
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V. Other Fiduciary Duties V. Other Fiduciary Duties
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A. Duty of Impartiality A. Duty of Impartiality
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B. The Duty to Inform and Account B. The Duty to Inform and Account
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C. Monitoring in Divided Trusteeship C. Monitoring in Divided Trusteeship
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VI. Mandatory and Default Rules VI. Mandatory and Default Rules
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A. The Terms of the Trust A. The Terms of the Trust
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B. Beneficiary Authorization B. Beneficiary Authorization
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VII. Remedies VII. Remedies
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VIII. Conclusion VIII. Conclusion
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Author Note Author Note
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Acknowledgments Acknowledgments
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3 Fiduciary Principles in Trust Law
Get accessRobert H. Sitkoff, Harvard University
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Published:09 May 2019
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Abstract
This chapter canvasses the fiduciary principles applicable to a trustee of a donative, irrevocable private trust. The focus is on American law. The chapter examines: (1) the trigger for finding a trust fiduciary relationship and the scope of that relationship; (2) the duty of loyalty; (3) the duty of prudence across the distribution, investment, custodial, and administrative functions of trusteeship; (4) other fiduciary duties in trust law, including the prominent duty of impartiality and the increasingly salient duty to give information to the beneficiaries; (5) the extent to which fiduciary principles in trust law are mandatory or may be waived by the settlor or by a beneficiary; and (6) the remedies available for a breach of duty by a trustee.
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