Trusts and estates lawyers in Pennsylvania may want to consider redrafting existing trusts to benefit from a new law, called the "the prudent investor rule," which takes effect at the end of the year. It will change the way trustees and guardians invest the assets of trusts by giving them broader choices while narrowing the chance of lawsuits for breaching their fiduciary duty. Under the old law, called the "prudent man rule," a trustee was judged on the riskiness of each individual investment.
September 24, 1999 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Pennsylvania lawyers will soon be required to look at the big picture when evaluating the investment performance of a financial trustee.
Trusts and estates practitioners may want to consider redrafting existing trusts to benefit from the coming change.
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