Pity the Poor Trustee
By Alfred M. Falk
Alfred M. Falk is a member of Gordon, Thomas, Honeywell, Malanca, Peterson & Daheim, P.L.L.C. in Tacoma, Washington.
Trustors commonly designate a family member or one of the trustor's advisors or colleagues as trustee. Typically, these individuals are not professional trustees and have only a passing (if any) familiarity with a trustee's duties and how to satisfy them. A common expectation is also that the trustee will receive and retain assets that, collectively, do not satisfy the prevailing investment standard or, by their very nature, will cause the trustee to breach other duties.