Being a family trustee comes with a great deal of responsibility. You need to make difficult financial decisions, navigate complex legal and tax issues, and ensure that your family’s assets are managed effectively. With my online course, you’ll gain the essential skills and knowledge you need to tackle these challenges with confidence. My course is designed to give you a comprehensive understanding of what it takes to be an effective family trustee.

What you’ll get out of this course:

1. Learn about each of the fiduciary duties you need to follow to deliver the best service to your trust beneficiaries, and reduce the risk of conflict and litigation.
2. Break down the legalese language of your trust document into clear understandable terms.
3. Learn the #1 prevention against conflict and litigation that is so simple to implement, yet so frequently overlooked.
4. Discover how best to work with your trust team – lawyers, accountants, and investment managers.
5. Be aware of what your options are if you no longer wish to be a trustee.
6. Learn from a supportive community of experts and fellow trustees to help you avoid serious mistakes.

Course Description: This online course is designed to provide family trustees with the necessary knowledge and skills to effectively manage family trusts, while minimizing the risk of conflict and litigation. Through a series of 14* lessons, learners will explore the responsibilities, challenges, and best practices for serving as a family trustee.

Lesson 1: Introduction to Family Trusts and Trustees 

• Definition and purpose of family trusts
• Roles and responsibilities of family trustees
• Common challenges and pitfalls for family trustees

Lesson 2: Trust Administration Basics 

• Overview of trust administration process
• Key legal and financial terms
• Required documentation and record-keeping

Lesson 3: Fiduciary Duty and Ethics

• Understanding fiduciary duty
• Ethics and best practices for family trustees
• Managing conflicts of interest

Lesson 4: Trustee Powers and Limitations

• Understanding the scope of trustee powers
• Limitations and constraints on trustee actions
• Balancing trustee discretion and beneficiary needs

Lesson 5: Investment Management 

• Understanding investment management duties
• Prudent investor rule and other legal standards
• Strategies for minimizing investment risk

Lesson 6: Tax Considerations

• Overview of tax implications for family trusts
• Tax planning strategies
• Tax reporting and compliance requirements

Lesson 7: Communication and Relationship Management 

• Effective communication strategies with beneficiaries
• Handling difficult conversations and conflicts
• Building positive relationships with beneficiaries

Lesson 8: Distribution Planning

• Understanding distribution options and limitations
• Managing distribution requests and expectations
• Balancing beneficiaries’ needs and the trust’s objectives

Lesson 9: Special Needs Trusts 

• Understanding special needs trusts
• Key considerations for managing special needs trusts
• Coordination with government benefits programs

Lesson 10: Charitable Trusts 

• Overview of charitable trusts
• Legal and financial considerations for managing charitable trusts
• Strategies for maximizing charitable impact

Lesson 11: Trustee Liability and Litigation

• Common causes of trustee liability and litigation
• Strategies for minimizing legal risk
• Managing litigation and disputes

Lesson 12: Succession Planning (20 minutes)

• Planning for trustee succession
• Best practices for identifying and training successor trustees
• Ensuring smooth transition of trustee duties

Lesson 13: Trust Protectors and Advisors 

• Overview of trust protectors and advisors
• Roles and responsibilities
• Coordinating with protectors and advisors

Lesson 14: Family Governance 

• Importance of family governance in trust management
• Best practices for family meetings and communication
• Incorporating family values into trust management

*Final course topics and number of courses may be different from those listed above.