12h • 💬 Community Dialogue
THE FIDUCIARY BRIEFING
Kelly Legacy Institute
Topic: Standard of Care & Record Preservation
From the Office.
A fiduciary does not act casually.
A fiduciary acts with:
• Duty of Loyalty
• Duty of Care
• Duty of Impartiality
• Duty to Preserve Record
The Standard of Care is not emotional.
It is measurable.
When acting as Trustee, Manager, or Authorized Representative:
1. Every transaction must have purpose.
2. Every disbursement must have authority.
3. Every decision must be traceable to governing instrument.
4. Every action must be defensible on record.
Maxim:
“He who acts in a fiduciary capacity must act in good faith and with reasonable prudence.”
Record Preservation Rule:
If it is not documented, it did not occur.
This week’s focus:
Audit your structure.
• Is your LLC operating agreement current?
• Does your trust reflect actual asset transfers?
• Are distributions recorded as distributions — not withdrawals?
• Is capacity clearly separated in your signatures?
Remember:
Individual capacity exposes.
Fiduciary capacity administers.
Silence creates presumption.
Documentation rebuts presumption.
Operate accordingly.
— From the Office
Kelly Legacy Institute
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THE FIDUCIARY BRIEFING
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Private institute for the structured study of law, jurisdiction, record, and procedure.
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