White Paper

Arizona Trustee's Duties as a Fiduciary and Resulting Liabilities

 
While there is considerable discussion as to the practical implications to these decisions, the standards are that the fiduciary and the attorney representing the fiduciary owe a duty to their clients, such a personal representative or a trustee, of ”undeviating and single allegiance” while the duty owed to beneficiaries and other interested parties is that of “fairness and impartiality”. The courts have given practitioners precious little guidance on how to balance these often-competing interests.

However, the enactment of Arizona Trust Code also included some statutory changes that appear to take aim at the concept of derivative duties, at least as it relates to the trustee’s attorney. The act created a new ARS 14-5652 that states: “Absent an express agreement to the contrary, the performance by an attorney of legal services for a fiduciary, settlor or testator does not by itself establish a duty in contract or tort or otherwise to any third party. For the purposes of this subsection, third party does not apply to the personal representative, settlor or testator.”

Download this white paper to continue reading …

Thomas J. Murphy is the founder of Murphy Law Firm, Inc. His practice emphasizes estate planning, elder law (including nursing home issues), all probate matters (including contested matters and guardianships) and tax controversies. Mr. Murphy is one of the most experienced trial attorneys in the Southwest, having been the sole or lead counsel in more than 100 jury trials.

Faculty

Thomas J. Murphy

Thomas J. Murphy

Murphy Law Firm, Inc.

Agenda

Faculty

Thomas J. Murphy

Thomas J. Murphy

Murphy Law Firm, Inc.

  • Attorney and Founder of Murphy Law Firm, Inc. in Phoenix, AZ
  • Over 40 years of experience with practice focusing on probate law, estate planning, elder law, and tax law and planning for the disabled and those with special needs
  • Author of nearly 100 articles that have been published in many national and state professional journals focusing on a wide variety of legal and tax matters
  • Has spoken to thousands of attorneys, accountants, and financial advisors and has appeared on several local television and radio stations to discuss tax and legal issues affecting the elderly and their families
  • Served on numerous state and county bar association committees and was selected to be the State Bar representative to the Arizona Supreme Court’s Committee on Reform of Lower Jurisdiction Courts
  • One of the most experienced trial attorneys in the Southwest, having been the sole or lead counsel in over 100 jury trials; has successfully litigated cases in the United States Tax Court, the Arizona Tax Court, and the Arizona Board of Tax Appeals and has represented clients before all levels of the Internal Revenue Service and Arizona Department of Revenue
  • Can be contacted at [email protected] or 480-838-4838

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today

Access to all training products $699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.