Trust law traditionally required trustees to be jacks of all trades, responsible for a panoply of job descriptions from bookkeeper to investment manager to family counselor. The drawback of the do-it-all trustee role is that it often fails to advance the purpose of the trust. It puts specialized tasks—such as the management of family business assets—in the hands of a trustee, who may not always be the most qualified individual for each particular task. Thus, a notable recent ...

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