A prudent trustee will adopt a series of policies and procedures to ensure that their various duties of loyalty and care are fulfilled. Unfortunately, few trustees are familiar with these duties or know how to develop a governance process to demonstrate that each of these duties has been fulfilled. To save you time spending hours researching these issues we have drafted the following governance practices for the successor trustee’s consideration which can be customized for the particular needs of any given trust. The policies and procedures that the trustee adopts should be calibrated to the size, complexity and assets held by the trust. A large trust should have a more robust governance process than a trust that is more modestly funded.
