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The Journal of Wealth Management

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Primary Article

New legislation holds trustees to a higher standard

Steven Braverman
The Journal of Wealth Management Spring 2006, 8 (4) 7-11; DOI: https://doi.org/10.3905/jwm.2006.614206
Steven Braverman
The managing director of TAHOE Advisers, Englewood Cliffs, NJ.
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  • For correspondence: sbraverman@tahoeadvisers.com
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Abstract

The author starts with the observation that as new legislationbegins to take effect—specifically, the Uniform Prudent InvestorAct (UPIA) and the Revised Uniform Principal and Income Act(UPAIA)—trustees are under increasing pressure to exercise bestpractices in trust management. Further, as the pressure on trusteesincreases, levels of service and performance from the past nolonger meet today's higher standards. The author illustrates thedefinition of “prudent” with regard to UPIA and UPAIA andoffers specific trust management lessons to be learned as a resultof recent litigation and the subsequent judicial decisions. Then,he argues that UPIA not only requires a higher standard of duediligence on the partof trust managersbut also in fact compelsthem to consider newinvestment products, such as derivativesand exchange-traded funds. Finally,he explores the proper appli-cation of these investments as a means of risk management, aswell as the necessity of leveraging best of breed financial advis-ersfor such highly specialized instruments.

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The Journal of Wealth Management
Vol. 8, Issue 4
Spring 2006
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New legislation holds trustees to a higher standard
Steven Braverman
The Journal of Wealth Management Jan 2006, 8 (4) 7-11; DOI: 10.3905/jwm.2006.614206

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New legislation holds trustees to a higher standard
Steven Braverman
The Journal of Wealth Management Jan 2006, 8 (4) 7-11; DOI: 10.3905/jwm.2006.614206
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