Conquering the Fear of Fiduciary DutyConquering the Fear of Fiduciary Duty
Protecting the protector from liability
As fiduciaries, we’ve all experienced that sinking feeling after realizing we may have made a mistake. We forgot to dot an “i” or cross a “t,” and the trust or beneficiary suffers damage on account of it. Obviously, we’re likely liable, and we’re exposed to fiduciary liability, which can be broad. Will our malpractice cover us? Even if it does, it’s not a great feeling, and time and trouble will follow regardless of coverage. Wouldn’t it be great if we could avoid that exposure to liability altogether and still be paid for rendering a service to the trust? Couldn’t we just add a provision to the trust that declares we have no fiduciary duty and that we won’t be liable under any circumstances for any actions taken or not taken? We can’t d...
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