If you are a trustee with a special skill, you are expected to use it. For example, if you are a lawyer or a CPA, you have a higher degree of knowledge on certain issues, and you are expected to use those professional skills. Commonly, we see these professionals acting as trustees, and if something were to go wrong within that role, the trustee will be judged on a higher standard than an ordinary trustee. To have the benefit of these specialists, however, can really help in trust administration. To help protect a skilled trustee, it is important to have a process in place on how to manage trust assets and make decisions for the trust.
See California Trust and Probate Litigation, A Trustee’s Duty to Use Special Skill, Wealth Management, July 26, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
