What are the potential liabilities of serving as a Trustee?

While a Trustee is not expected to be perfect, a Trustee can face personal liability under certain circumstances. For example, a Trustee can be held liable for breaching his/her fiduciary duties by failing to act in the best interests of the beneficiaries or mismanaging trust assets. Negligence can also trigger liability if a Trustee fails to perform duties with the required level of care and skill as can mismanagement if a Trustee uses trust assets for personal gain or for an unauthorized purpose. Finally, making distributions that do not comply with the trust agreement or with legal requirements can also result in a Trustee facing personal liability.

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

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