Serving as a Trustee can be a difficult task that involves a great amount of fiduciary responsibilities. There are many people who take on these responsibilities that are not prepared. This article discusses situations involving friends or family members being appointed to serve as trustees who are not prepared to handle the responsibilities. This article discusses some of the ways that the trust and estate planning industry has responded to the phenomena of unprepared trustees. There are still many things that still need to be done to help Trustees get more prepared. “Lawyers who create trusts for clients are in a perfect position to ask clients whether their proposed trustees are prepared for the position, and to work on launching trustees on a path more likely to lead to success.”
See Patricia Angus, After the Plan, Wealth Management, May 12, 2016.
Special thanks to Jim Hillhouse for bringing this article to my attention.
