ULC

Committees

Directed Trust Act

Description

An increasingly common practice in contemporary estate planning and asset management is the naming of a trustee that is given custody of the trust property, but with one or more of the investment, distribution or administration functions of the trusteeship being given to a person or persons who are not formally designated as trustees. This is the problem of divided trusteeship. There is much uncertainty about the fiduciary status of nontrustees who have control or potential control over a function of trusteeship and about the fiduciary responsibility of trustees with regard to actions taken by such nontrustees. Existing uniform trust and estate statutes inadequately address the issues and are at risk of becoming obsolete unless they are amended to take account of these developments. This Committee will draft legislation on divided trusteeship and also will draft conforming amendments to other uniform trust and estate acts as appropriate. This project was recommended by the JEB on Uniform Trust and Estate Acts.

Committee Members

Robert H. Sitkoff Chair
Turney P. Berry Vice Chair
John P. (Jack) Burton Member
David M. English Member
Michael Brennan Getty Member
Harry J. Haynsworth Member
John H. Langbein Member
Bradley Myers Member
Raymond P. Pepe Member
Drew L. Snyder Member
Susan D. Snyder Member
Martha T. (Marti) Starkey Member
Robert A. Stein Member
Charles A. Trost Member
Suzanne Brown Walsh Member
Pamela Winston Bertani Division B Chair Member
Candace Zierdt Division B Chair Member
John Morley Reporter
James P. Spica ABA Advisor
Karen E. Boxx ABA Section Advisor
Amy Erenrich Heller ABA Section Advisor
Liza Karsai Executive Director
Benjamin Orzeske Staff Liaison