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; it can even thrust a person with good intentions into the crosshairs of litigation. If you are asked to serve, weigh your decision carefully – a trustee’s work may become both complicated and contentious. These tips may be helpful.