Justin H. Brown, left, and George M. Riter Jr., right, of Ballard Spahr. Courtesy photosPennsylvania Modernizes Trust Administration With New Directed Trust Statute
By creating these new fiduciary positions, settlors now have more flexibility to structure and assign fiduciary responsibilities within a trust beyond the traditional trustee role.
November 20, 2024 at 01:00 PM
8 minute read
This fall, Pennsylvania’s new Directed Trust Act (Act 64 of 2024) went into effect and modernized the administration of trusts in Pennsylvania. The Directed Trust Act created three new fiduciaries positions for trusts in Pennsylvania: a trust director, a trust protector, and a trust director for investments. By creating these new fiduciary positions, settlors now have more flexibility to structure and assign fiduciary responsibilities within a trust beyond the traditional trustee role.
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