When an accountant acts as a trustee of a split-interest trust,which of the following fiduciary duties applies to the accountant?
A) Only the duty of impartiality
B) Only the duty of care
C) Only the duty of loyalty
D) All of the above

Question

Quizplus · Accepted Answer

When an accountant acts as a trustee of a split-interest trust, they are required to fulfill all fiduciary duties, which include the duty of care, duty of loyalty, and duty of impartiality. The duty of care requires the trustee to act with reasonable care, skill, and caution in managing the trust assets. The duty of loyalty requires the trustee to act solely in the best interest of the beneficiaries, avoiding conflicts of interest, and disclosing any potential conflicts. The duty of impartiality requires the trustee to balance the interests of the income and remainder beneficiaries of the trust. Therefore, all three duties apply to an accountant who acts as a trustee of a split-interest trust.

When an Accountant Acts as a Trustee of a Split-Interest