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california uniform prudent investor act - mutual …（加州制服谨慎的投资者行为u2014u2014共同u2026）.pdf

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california uniform prudent investor act - mutual …（加州制服谨慎的投资者行为u2014u2014共同u2026）

Index Mutual Funds: The Best Investment Strategy for Complying With the California Uniform Prudent Investor Act W. SCOTT SIMON The 1995 enactment of the California version of the Uniform Prudent Investor Act (UPIA) (Prob C §§16002(a), 16003, 16045-16054) has caused estate planning attorneys to give increased attention to the obligations of trustees investing in publicly traded securities. The statute, applicable to investment decisions and actions taken after January 1, 1996, even for preexisting trusts, is based on the Restatement (Third) of Trusts (Prudent Investor Rule) §227 (1992), which provides a valuable guide to practitioners as well as legislative history. This article explores the reasons why the requirements of UPIA, viewed in light of its Restatement antecedents, will generally lead trustees to favor index mutual funds when selecting investments for long-term trusts. For reasons explained below, the case for such investments is sufficiently strong that trustees who instead choose “active” investment strategies may find it difficult to justify their choices. “[T]rustees who instead choose ‘active’ investment strategies may find it difficult to justify their choices. “ The Statute The cornerstone of UPIA is its prudent investor rule, which states: A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. Prob C §16047(a). The statute then prescribes more specific duties, including: • A duty to select risk and return objectives reasonably suited to the particular trust (Prob C § 16047(b)). • A