Fiduciary Principles in Trust Law

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

Harvard Public Law Working Paper No. 18-19

22 Pages Posted: 16 Apr 2018 Last revised: 21 Jun 2018

Date Written: March 26, 2018

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 (March 26, 2018). Oxford Handbook of Fiduciary Law (Evan Criddle, Paul Miller, and Robert H. Sitkoff eds., 2019 Forthcoming); Harvard Public Law Working Paper No. 18-19. Available at SSRN: https://ssrn.com/abstract=3151810

Robert H. Sitkoff (Contact Author)

Harvard Law School ( email )

1575 Massachusetts Avenue
Cambridge, MA 02138
United States
(617) 384-8386 (Phone)
(617) 812-6195 (Fax)

HOME PAGE: http://www.law.harvard.edu/faculty/directory/facdir.php?id=649

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