BBA Event Recap: Trust Accountings and Terminations: Identifying Options and Addressing Risks

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Program Title: Trust Accountings and Terminations: Identifying Options and Addressing Risks

Program Date: Wednesday, February 24, 2016

Panelists: Jennifer Locke, Esq. of Goodwin Procter LLP

Program Sponsor: Peter M. Shapland of Day Pitney LLP and Stacy K. Mullaney of Fiduciary Trust, co-Chairs of the Trust Administration Committee

Materials:  Because of file size, the handouts are broken into the following four parts:

Part 1

Part 2

Part 3

Part 4

Summary of Program Topic: The program explored various methods to render trust accounts, including final accounts. The discussion included accounting requirements for testamentary trusts, accounting clauses in trust instruments, options under the MUPC and MUTC, and managing risks in rendering final accounts.  The panelist reviewed the trustee’s options to render accounts and ways to minimize the trustee’s liability upon termination of a trust.