James P. Spica has published his article, “Onus Fiduciae Est Omnis Divisa in Partes Tres: A Statutory Proposal for Partitioning Trusteeship” in the Real Property, Trust and Estate Law Journal.  The abstract reads as follows:

This Article proposes an adaptation of Uniform Trust Code provisions expressly to authorize settlors to partition trusteeship into separately acceptable, unblended trust relations pertaining to investment, dispositive discretions, and the residuum of trustee functions. The resulting fiduciary regime is entirely distinct from a cotrusteeship for purposes of determining each “separate trustee’s” authority and liability, separate trustees are statutorily disabled from accepting one another’s fiduciary duties, interpretive difficulties are avoided by the requirement of an express reference to the statute, and the regime overlies whatever facility for directed trustees and excluded cotrustees may already exist under the adapting jurisdiction’s version of the Code. Thus, fiduciary responsibility for a given res may involve two or more separate trustees, viz., a separate “resultant trustee” and either a separate investment trustee or one or more separate discretionary distributions trustees, and any of those separate trusteeships may itself comprise a cotrusteeship or be subject to the direction of a trust protector.

Read full article at via Onus Fiduciae Est Omnis Divisa in Partes Tres: A Statutory Proposal for Partitioning Trusteeship (ABA membership required)

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.