Cannon Estate Planning Teleconference: Administration of Non-Standard Trust Investments

The bane of many a Trustee’s existence is the responsibility and potential liability associated with holding, and perhaps having to dispose of, trust property that does not readily lend itself to routine trust administration. Such types of trust property include various types of tangible personal property, various categories of real estate, closely-held business equity, mineral interests, intellectual property, digital assets and even concentrations of traditional trust assets. In addition to the practical administrative challenges the Trustee faces in handling unusual trust investments, the Trustee may also be confronted with conflicting demands from beneficiaries regarding those investments. In this teleconference, we will introduce and evaluate the following topics:

• The Uniform Prudent Investor Act and a Trustee’s Duty of Diversification
• Unique Challenges Arising from Holding a Closely-Held Business Interest
• Trust Assets Not in Trustee’s Physical Possession or Direct Control
• Steps to Mitigate Risk

Hosted at The Trust Company of Tennessee’s Knoxville office with limited attendance for safety.

Boxed lunches will be served for those attending in person beginning at noon. Socially distanced seating is available in our conference room for a limited number.

If you are interested in attending virtually, we are exploring options for your participation. Please contact Lindsay Cates at lcates@thetrust.com.

Speakers

Charles A. (“Clary”) Redd is a partner in the St. Louis office of Stinson LLP. Clary concentrates his practice in estate planning, estate and trust administration and estate and trust-related litigation. He is an elected member of The American Law Institute, a Fellow of The American College of Trust and Estate Counsel and an Adjunct Professor of Law at Northwestern University School of Law. He also serves as Co-Chair of the Editorial Advisory Board of, and writes a regular column in, Trusts & Estates magazine. He is listed in The Best Lawyers in America and is nationally ranked by Chambers USA in its “Wealth Management” category.

Turney P. Berry is a Member of the Executive Committee and the Chair of Wyatt, Tarrant & Combs’ 22 lawyer Trusts, Estates & Personal Planning Service Team. Turney is a Fellow of the American College of Trust and Estate Counsel and the American College of Tax Counsel, a Uniform Law Commissioner and member of the Joint Editorial Board for Uniform Trust and Estate Acts, a Trustee of the Southern Federal Tax Institute and a member of the Advisory Council of the Heckerling Institute on Estate Planning as well as a Member of the Advisory Board of Trusts and Estates Monthly and a Vice-Chair of the Charitable Planning section for the ABA Section of Real Property, Trust and Estate Law. He is listed in Woodward/White’s The Best Lawyers in America®.

About Cannon Estate Planning Teleconferences

The industry’s foremost wealth management and estate planning authorities provide commentary and debate over the use of complex financial and legal strategies to best serve their high-net-worth clients. Time is reserved at the beginning of each call for the most current legislative changes impacting the audience and their clients.

Professionals can connect and collaborate on relevant issues while earning continuing education and learning credits to preserve their valuable business credentials.