Professional fiduciaries and those who support them should adhere to a high standard of ethical practices to ensure they act in the best interests of the trust and the beneficiaries.

The ITA is an organization where its members understand the importance of performing their fiduciary duties responsibly and ethically, whether as an executor, a trustee, guardian, one holding a power of attorney or other fiduciary-like positions.

The ITA believes that no one should be a member of the ITA who has not first agreed to these standards of professionalism.

ITA Code of Ethics

Fiduciary Duty

  • Acknowledge and prioritize the fiduciary duty to act in the best interests of the beneficiaries.

Transparency

  • Maintain open and transparent communication with beneficiaries.
  • Provide clear and understandable information about trust activities, decisions, and fees.

Impartiality

  • Treat all beneficiaries fairly and impartially, regardless of personal relationships.
  • Avoid showing favoritism or discrimination.

Competence

  • Stay informed about laws, regulations, and best practices related to trust management.
  • Continuously develop and update professional skills.
  • Develop and maintain professional relationships for consultation, business development, and future delegation/succession.

Confidentiality

  • Respect and maintain the confidentiality of trust-related information.
  • Only disclose information when legally required or with proper authorization.

Avoiding Conflicts and Self-Dealing

  • Refrain from engaging in transactions that could benefit the trustee personally at the expense of the trust.
  • An ITA member also shall not engage in any personal, business, or professional relationship that could reasonably be perceived as self-serving or adverse to the best interest of the person or entity being served.
  • The fiduciary shall not receive any commissions, referral fees or other monetary benefit for products or services supplied to the fiduciary by any third party.

Professional Independence

  • Maintain professional independence and avoid being unduly influenced by external factors.
  • Refuse any inappropriate requests or pressures that may compromise ethical standards.

Compliance with Laws and Regulations

  • Refuse any inappropriate requests or pressures that may compromise ethical standards.
  • Stay updated on legal requirements related to trusts.

Felonies and Loss of Other Professional Licenses

  • Resign as an ITA member if convicted of any felony, experiences a personal or business bankruptcy, or the loss of a license that may relate to any service related to serving or providing a service to a fiduciary.
  • Reports to the ITA if a court finds the member to have breached a fiduciary duty.