This video should be required for anyone who is or contemplating the role of a trustee. Below are the key subjects from the video.
Before you say yes to becoming understand the meaning of fiduciary duty. Black’s law dictionary defines a fiduciary as One who owes to another the duties of good faith, trust, confidence, and candor. One who must exercise a high standard of care in managing another’s money or property.
Knowing the landscape especially the beneficiaries becomes very important. Are these relationships contentious? Does a beneficiary have a history of filing lawsuits. Then these are indicators the trustee could be in for a real challenge.
Trustees AT RISK – How to Avoid Being Sued or Even Jailed
Watch this video, speak to an attorney, and educate yourself as a trustee.
- 1. Lack of communication and knowledge
- 2. The expectations of an Executor
- 3. Ignoring fiduciary duties
- 4. Durable Power of Attorney
- 5. Trustees going “DIY”
- 6. Beneficiaries’ rights
- 7. Not considering a corporate or professional Trustee
- 8. The No-Contest Clause
- 9. COVID
- 10. Blowing off mediation
- 11. Being untrustworthy
- 12. Rehashing childhood