COVID Not a Good Excuse For Trustees

While COVID has undeniably had a tremendous effect on almost all sectors, trustees still need to be mindful of their fiduciary duties. Consider the case of trustees who left a letter unopened on a desk for a month. Although the trustees were attempting to uphold the duty to diversify investments by selling stock, the delay in the sale, in part caused by COVID, cost the trust $39 million. Fiduciaries should consider implementing procedures to help mitigate mistakes that can happen when individuals are not in the office.

Fiduciary Duties of Trustees in the Age of COVID | Wealth Management

Thank you to Farrell Fritz attorney Azi Baer for this week’s Tax Tracker post.