Should your “trusted advisor” be your trustee?

The American Bar Association Section of Real Property, Trust and Estate Law and the ABA Center for Continuing Legal Education is sponsoring a teleconference and live audio webcast on October 7, 2008 entitled The Trustee as Trusted Advisor.

Here is a description of this program:

After sharing business and family issues for decades, it is natural for a trusted advisor and his client to develop a common perspective and a personal relationship that extends beyond their professional one.  It is understandable in that case for the client to name his trusted advisor in his estate plan as his trustee.  Should the trusted advisor take on that role?  This teleconference will address:

• Whether an advisor should ever consider being a trustee
• Switching hats from advisor to fiduciary – ethical dilemmas and common pitfalls
• Understanding your risks and taking steps to make your job easier
• Learning how to prevent litigation
• Examples of beneficiary vs. trusted advisor/trustee lawsuits
• Provisions to discuss with key client before accepting responsibility
• Knowing when to throw out the lifeline – transference and counter transference
• Practical Tips