Le texte intégral de ce guide est en anglais ; le résumé ci-dessus est dans votre langue. Les résumés des lois et l'anglais restent la source de référence.
Core duties · 5 min de lecture
The prudent person standard
N.J.S.A. 3B:31-57 provides that a trustee administers the trust as a prudent person would, by considering the purposes, terms, distributional requirements and other circumstances of the trust, and in doing so exercises reasonable care, skill and caution. A trustee incurs only costs that are reasonable in relation to the trust property, the purposes of the trust and the skills of the trustee (N.J.S.A. 3B:31-58), and a trustee who has special skills or expertise, or was named in reliance on a representation of them, has a duty to use them (N.J.S.A. 3B:31-59).
The prudent investor rule
New Jersey's prudent investor act (N.J.S.A. 3B:20-11.1) provides that a fiduciary who invests and manages trust assets owes the beneficiaries a duty to comply with the prudent investor rule (N.J.S.A. 3B:20-11.2): to invest and manage trust assets as a prudent investor would, considering the purposes, terms, distribution requirements and other circumstances of the trust, with reasonable care, skill and caution (N.J.S.A. 3B:20-11.3). Decisions about individual assets are evaluated in the context of the trust portfolio as a whole and as part of an overall investment strategy with risk and return objectives reasonably suited to the trust, and the circumstances a fiduciary considers include general economic conditions, the possible effect of inflation or deflation, the expected tax consequences, the role each investment plays within the portfolio, the expected total return, the beneficiaries' other resources, the need for liquidity, regularity of income and preservation or appreciation of capital, and an asset's special relationship or value to the purposes of the trust or to a beneficiary (N.J.S.A. 3B:20-11.3).
A fiduciary diversifies the investments of the trust unless the fiduciary reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying (N.J.S.A. 3B:20-11.4). The trust instrument may expand, restrict, eliminate or otherwise alter the rule (N.J.S.A. 3B:20-11.2), and a fiduciary may delegate investment and management functions that a prudent fiduciary of comparable skills could properly delegate, with reasonable advance written notice to the income beneficiaries naming the agent (N.J.S.A. 3B:20-11.10).
The review within six months, and judgment at the time of the decision
Within six months after accepting trust assets, the fiduciary reviews the trust assets and makes and implements decisions concerning the retention and disposition of the assets received at the inception of the trust, in order to bring the trust portfolio into compliance with the provisions of the trust instrument or with the requirements of the act (N.J.S.A. 3B:20-11.7) — New Jersey states the period in months, and TrusteeClear shows it in the statute's words from the acceptance date you record. Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of the fiduciary's decision or action, not by hindsight (N.J.S.A. 3B:20-11.9). A violation by a trustee of a duty the trustee owes a beneficiary is a breach of trust (N.J.S.A. 3B:31-71(a)), and a trustee who acts in reasonable reliance on the terms of the trust as expressed in the instrument is not liable to a beneficiary for a breach to the extent it resulted from the reliance (N.J.S.A. 3B:31-75).
Les textes de loi, mot pour mot
Investments, management of trust assets by fiduciary
N.J.S.A. 3B:20-11.3 ↗Explication claire et simple ; le texte intégral de la loi n'est pas encore attesté dans notre bibliothèque. Consultez la loi officielle via le lien ci-dessus.
Diversification of investments
N.J.S.A. 3B:20-11.4 ↗Explication claire et simple ; le texte intégral de la loi n'est pas encore attesté dans notre bibliothèque. Consultez la loi officielle via le lien ci-dessus.
Review of trust assets
N.J.S.A. 3B:20-11.7 ↗Explication claire et simple ; le texte intégral de la loi n'est pas encore attesté dans notre bibliothèque. Consultez la loi officielle via le lien ci-dessus.
Duty of prudent administration
N.J.S.A. 3B:31-57 ↗Explication claire et simple ; le texte intégral de la loi n'est pas encore attesté dans notre bibliothèque. Consultez la loi officielle via le lien ci-dessus.
Questions fréquentes
Must a New Jersey trustee diversify?
A fiduciary diversifies the investments of the trust unless the fiduciary reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying (N.J.S.A. 3B:20-11.4); the trust instrument may expand, restrict, eliminate or otherwise alter the prudent investor rule (N.J.S.A. 3B:20-11.2).
Is a New Jersey trustee liable for a market loss?
Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of the fiduciary's decision or action (N.J.S.A. 3B:20-11.9). A breach of trust is a violation of a duty the trustee owes a beneficiary, and the court's remedies include compelling the trustee to redress it (N.J.S.A. 3B:31-71); whether a particular loss followed from a breach is a question for a licensed New Jersey attorney of your choosing.
May a New Jersey trustee hire an investment advisor?
A fiduciary may delegate investment and management functions that a prudent fiduciary of comparable skills could properly delegate, exercising reasonable care, skill and caution in selecting the agent, establishing the scope and terms of the delegation and periodically reviewing the agent's actions, after reasonable advance written notice to the beneficiaries eligible to receive income naming the agent; a fiduciary who complies is not liable for the agent's decisions or actions (N.J.S.A. 3B:20-11.10). The trust code's own delegation section asks for written notice to the qualified beneficiaries on each occasion, naming the agent (N.J.S.A. 3B:31-60(c)).
Lectures liées
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