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Did you know that helping others with their financial affairs may have

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independence implications for you? Keep in mind that personal 

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independence rules apply when you or an immediate family member

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has control, authority, or other decision-making ability over

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the financial interests or relationships of another person or entity,

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such as through a power of attorney, as a trustee of a trust,

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or as an executor of an estate.

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Before becoming a trustee or executor or having power of attorney

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over another’s financial affairs, you must consider the independence

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implications of all the financial interests held through that designation.

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Even if you are not exercising your right to make decisions about

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another person’s financial interests, independence rules still apply

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if you have the ability to do so. If there are restricted financial

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interests, you will need to dispose of them as soon as possible,

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but no later than 30 days of having both knowledge of the restricted

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investment and the ability to dispose of them.

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Be sure to update KICS with the investments held by the estates,

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trusts, or other intermediary within 14 days of the trustee, executor,

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or power of attorney designation taking effect. And timely enroll

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and activate in Broker Import, certain trust and estate accounts

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if you or your immediate family member is also a beneficiary of a

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trust or estate, whether or not you are actively monitoring

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or trading in the accounts.

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If someone has designated you or an immediate family member

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as a future trustee, executor, or conditional or substitute power

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of attorney—meaning you only have control over assets when certain

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conditions are met, your independence is not yet affected.

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Once you or your immediate family member actually serves in that role,

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you are deemed to have control and the independence policies apply

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to those financial interests. It is your responsibility to ensure

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compliance with the personal independence rules at that time.

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