Should You Be Trusted?Should You Be Trusted?

There’s much advice available to prospective grantors and their counsel on selecting an appropriate trustee, but guidance is scarce for would-be trustees on whether to accept an appointment and what to look out for if they do. If a client asks you to be a trustee, here are 10 tips to consider before you take on the trustee role and to help you once you do. 

Keep in mind that the most effective techniques to manage fiduciary liability are for the trustee to: (1) establish a disciplined process for investments and all other exercises of its discretion; (2) document its decision making; and (3) communicate, communicate, communicate, as early and often as possible.

1. Understand Control Issues 

Many families establish trusts to control the beh...