One Job, Many RolesOne Job, Many Roles
The role and responsibility of the trustee seem obvious at first glance to manage the wealth left in trust for the good of the beneficiaries. Much has been written about trustee duties. Detailed and complicated state statutes govern trustee conduct. The courts have had their say and will likely be called upon even more in the future. Yet these established parameters tell only part of the story. The
August 1, 2003
Douglas K. Freeman, chairman and national managing partner, IFF Advisors, LLC, and Lee S. Hausner
The role and responsibility of the trustee seem obvious at first glance — to manage the wealth left in trust for the good of the beneficiaries. Much has been written about trustee duties. Detailed and complicated state statutes govern trustee conduct. The courts have had their say and will likely be called upon even more in the future. Yet these established parameters tell only part of the story. The reality is that the relationship between trustees and beneficiaries is often tense and challenging.
The scope of duties of the trustee depends largely upon the type of trust, its purpose, beneficiaries, duration and a host of other objective and p...
Unlock All Access Premium Subscription
Get Trusts & Estates articles, digital editions, and an optional print subscription. Choose your subscription now and dive into expert insights today!
Already Subscribed?
