Expert Advice
Jan. 1, 2012
Tips for Trustees
Being asked to serve as a trustee may seem like an honor, but the job entails significant legal responsibility.
Trusts have become popular estate planning tools, but they are traps for the unwary, and especially for an uninformed trustee. Whether it is designed to provide for family members, endow a charity, or manage real estate, the person who creates the trust (called the "trustor" or "settlor") usually has specific wishes and demands and expects that they will be closely adhered to. It is the trustee's duty to make sure that happens.
Being a trustee can be a thankless job...
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