Being a trustee always has challenges. Trustees must fulfill their duties of loyalty by avoiding conflicts and putting beneficiaries’ interests before their own. Some trusteeships, however, can be particularly thorny in that they have inherent structural conflicts requiring careful navigation. For example, when an advisor or beneficiary is also a trustee or when the trustee function is divided among separate parties, the potential for conflict and complication increases. Just because the governing laws or instruments purportedly permit such conflicts or appear to relieve trustees of liability, trustees aren’t necessarily fully excused from their ethical duties to avoid favoring self-interest and protect beneficiaries from harm. Pure reli...
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?