Fiduciary Principles in Trust Law

Oxford Handbook of Fiduciary Law (Evan Criddle, Paul Miller, and Robert H. Sitkoff eds., 2019)

Harvard Public Law Working Paper No. 18-19

22 Pages Posted: 16 Apr 2018 Last revised: 16 Jan 2021

See all articles by Robert H. Sitkoff

Robert H. Sitkoff

Harvard University - Harvard Law School; European Corporate Governance Institute (ECGI)

Date Written: 2019

Abstract

This book chapter, prepared for the forthcoming Oxford Handbook of Fiduciary Law, canvasses the fiduciary principles applicable to a trustee of a donative, irrevocable private trust subject. The focus is on prevailing American law. The chapter examines (a) the trigger for finding a trust fiduciary relationship and the scope of that relationship; (b) the duty of loyalty; (c) the duty of prudence across the distribution, investment, custodial, and administrative functions of trusteeship; (d) other fiduciary duties in trust law, including the prominent duty of impartiality and the increasingly salient duty to give information to the beneficiaries; (e) the extent to which fiduciary principles in trust law are mandatory or may be waived by the settlor or by a beneficiary; and (f) the remedies available for a breach of duty by a trustee.

Keywords: trust, trustee, beneficiary, fiduciary, agency costs, loyalty, prudence, care, impartiality, disclosure, mandatory rules, default rules

JEL Classification: K10, K36

Suggested Citation

Sitkoff, Robert H., Fiduciary Principles in Trust Law (2019). Oxford Handbook of Fiduciary Law (Evan Criddle, Paul Miller, and Robert H. Sitkoff eds., 2019), Harvard Public Law Working Paper No. 18-19, Available at SSRN: https://ssrn.com/abstract=3151810

Robert H. Sitkoff (Contact Author)

Harvard University - Harvard Law School ( email )

1563 Massachusetts Avenue
Cambridge, MA 02138
United States

HOME PAGE: http://https://hls.harvard.edu/faculty/directory/10813/Sitkoff

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

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